South Korea will likely lack some 30 trillion won ($27.5 billion) to fund defense projects over the next five years, data showed Sunday, causing concern over a delay in key programs to boost military capabilities.

According to the data by the defense ministry, the country's arms procurement agency, the Defense Acquisition Program Administration, estimated that 96 trillion won would be required to implement defense projects scheduled for completion between 2016 and 2020.

"The amount is some 30 trillion won more than the government's fiscal plan appropriated for the purpose," a ministry official said, requesting anonymity. "The finance ministry has earmarked 66 trillion won for defense projects in its five-year plan to be completed by 2018."

The data was presented to Rep. Baek Gun-ki of the main opposition New Politics Alliance for Democracy at his request.

"It would be inevitable to modify the schedule of big-ticket defense projects. We are considering reducing the required resources to 70 trillion won by redrawing the mid-term plan," the official said, adding that the ministry will finalize the 2016-2020 defense plan next week. 

The defense projects include a 7.3 trillion won deal to purchase 40 F-35A fighter jets from U.S. defense firm Lockheed Martin, the KF-X project of developing indigenous fighter jets that requires 5.4 trillion won by 2020, and a 3.9 trillion won project to make next-generation Aegis destroyers.

South Korea is also aiming to rev up a series of programs to establish its own air defense system, the Korea Air and Missile Defense and the pre-emptive strike apparatus of the Kill Chain, as part of efforts to boost military capabilities enough to deter North Korea's nuclear and missile threats.

"The budget shortage will cause South Korea to suffer a setback in acquiring the key weapons system," lawmaker Baek said. "As such delays would erode the country's military power, the government should spend more for national security." (Yonhap)

By Oh Seok-min (graceoh@yna.co.kr)