SEOUL — South Korea plans to spend more money on boosting its missile defense shield in response to North Korea’s evolving missile capability, the Ministry of National Defense announced Aug. 15.

Under the midterm defense budget plan, the South Korean military will spend about $240 billion, representing an annual defense budget increase of 7 percent over the 2020-2024 period. Out of this, some $85 billion would be invested on arms improvements, marking a 10.3 percent year-on-year increase over the next five years.