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As political wrangling continues at the National Assembly... at risk is the passage of the
nation′s 2016 budget plan. Seoul′s finance minister on this Friday
called on lawmakers to come together on the budget bill stressing that it is absolutely
critical that the deadline for budget approval is met.
Arirang′s economics correspondent Hwang Ji-hye has the details.
Korea′s finance minister Choi Kyung-hwan says... if the budget plan for next year passes
at the National Assembly, the country′s growth rate will be boosted by zero-point-7
percentage points in 2016. The minister adds... the plan, worth over
3-hundred billion U.S. dollars, is crucial in improving the people′s livelihoods...
and revving up momentum for recovery.
″In order for the 2016 budget plan to play its part in creating jobs for the youth and
revitalizing the economy, I ask lawmakers again, to pass the plan by the set deadline.″
By law, the budget must be approved by December 2nd, but lawmakers have a poor history of
missing deadlines. The current 19th session of the National Assembly
that kicked off in 2012 failed to result in the passage of the budget plan by the set
date for back to back years in 2012 and 2013. Finance Minister Choi also asked for lawmakers′
cooperation in other sectors,... saying such efforts will help the economy continue
the recovery momentum seen in the third quarter.
″During this general assembly, key labor reform bills and economic revitalization plans
should be passed as soon as possible... as well as the ratification of the free trade
agreement between Korea and China.″ Taking into account such measures, the government
expects the Korean economy to expand 3-point-3 percent next year,... up from this year′s
forecast of 3-point-1 percent. Hwang Ji-hye, Arirang News.