SEOUL — South Korea said Sunday it had agreed to pay about $866.6 million this year to keep on its soil US troops who help guard against threats from North Korea.
Seoul’s foreign ministry, after months of negotiation with Washington, confirmed this year’s contribution of 920 billion won ($866.6 million), up 5.8 percent from last year.
The two allies also agreed on a maximum 4 percent annual increase in the amount until 2018, the ministry spokesman Cho Tai-Young told reporters.
The South and the US have since 1991 shared the cost of hosting American troops, currently numbered at around 28,000 — the legacy of 1950-53 Korean War.
The latest agreement — the ninth since 1991 — is subject to a parliamentary approval in Seoul.
“We tried to produce a reasonable result to persuade South Koreans and our lawmakers while taking into account our financial burdens as well as the conditions for stably hosting the US troops,” Cho said.
Read the full story at DefenseNews