The Taiwanese government on Thursday, amid lingering tensions around the island, unveiled a draft defense budget for next year that would increase military spending to a record NT$586.3 billion ($19.4 billion), according to the island's Central News Agency.

The island's government is proposing an annual increase in military spending of NT$71.6 billion ($2.37 billion), or 13.9%.

The project, among other things, provides for the allocation of 108.3 billion Taiwan dollars (3.6 billion dollars) for fighter jets and other equipment.

The island's military budget, if approved by the island's parliament, will be a record amid increased tensions in the Taiwan Strait in recent months.