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Korea's finance minister has offered a few more details on the government's proposed
budget supplement.
Although he declined to comment on the exact amount, he did say he wants the budget passed
by the end of the month and outlined a few areas of priority.
Kim Han-ul reports. Finance Minister Hyun Oh-seok says the government will submit its
proposal for the budget supplement to the National Assembly next week containing details
about the size and method of allocation, with the goal of getting the bill passed by the
end of the month.
During a meeting of economy-related ministers on Wednesday, the finance minister said that
supplementing the state budget is inevitable given the current economic circumstances.
"The tax revenue situation has gotten worse this year, so competition for tax revenue
has become inevitable. It is necessary to expand government spending in order to revive
and stabilize the economy."
The finance minister added that the first priority should be to improve the distribution
chains for fresh produce and support entrepreneurship.
He also said that some of the money should be used to support the president's job creation
plans, and this year's job creation efforts should focus on investments in human capital
for information, communications and technology programs.
He added that revising housing policies and coming up with countermeasures for cyber threats
are also important areas the extra budget should address.
Although the exact figure is yet to be announced, government officials previously indicated
that the extra budget could amount to 17 trillion won or roughly 15 billion U.S. dollars.
If approved, this would be the second largest budget supplement passed since the 2008 financial
crisis.
Kim Han-ul, Arirang News.