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Recent years of the government's extra budget plans

All News 15:30 July 22, 2016

SEJONG, July 22 (Yonhap) -- The following is a chronology of supplementary budget requests made by the South Korean government since 2000 to bolster growth and cover shortfalls in tax earnings.

2000 -- The government calls for a 2.3 trillion-won (US$2 billion) extra budget to help stabilize the livelihoods of low income earners,

2001 -- The National Assembly approves two separate supplementary budgets totaling 6.7 trillion won to support youth employment programs, stabilize rice prices and help the economy recover from the shock of the Sept. 11 terrorist attacks against the United States.

2002 -- The government receives a 4.1 trillion-won extra budget to deal with extensive damage caused by typhoon Rusa. The typhoon resulted in 240 deaths nationwide and displaced more than 63,000 people from their homes.

2003 -- Parliament signs off on two extra budget plans totaling 7.5 trillion-won to boost economic growth and cope with damages caused by typhoon Maemi.

2004 - The government asks lawmakers for a 2.5 trillion-won extra budget to help underprivileged people hurt by sluggish growth and small and medium enterprise. Of the total, 1.8 trillion won is injected into the market, with the rest being used to cover tax revenue shortfalls.

2005 -- Policymakers get a 4.9 trillion won supplementary spending program to deal with the slow pace of economic recovery. The bulk of the budget, or 4.2 trillion-won, is spent to cover state revenue shortfalls.

2006 -- The government asks for a 2.2 trillion-won extra budget to cover damages caused by typhoon Ewiniar and torrential rains.

2008 -- The National Assembly approves a 4.6 trillion-won extra budget to help people deal with a spike in oil prices and help stabilize the livelihoods of low income earners and rural households.

2009 -- The government asked for a 28.4 trillion-won "super supplementary budget" to stabilize the local job market and promote hiring in the wake of the global financial crisis. Of the total approved, 17.2 trillion won is injected into the market with the rest being used to cover revenue shortfalls.

2013 -- A 17.3 trillion won supplementary budget is approved to deal with economic depression and subsequent drop in tax earnings. The government injects 5.3 trillion won directly into the economy.

2015 -- The government outlines a plan calling for an 11.8 trillion-won extra budget to help hospitals, businesses and people hard hit by the Middle East Respiratory Syndrome outbreak. Of the total, 6.2 trillion won will be injected into the market with the rest being used to cover expected tax revenue shortfalls.

2016 -- The 11 trillion-won extra budget is aimed at dealing with a possible economic downturn and a sharp rise in unemployment rates in regions clustered with shipyards due to full-scale corporate restructuring in the shipbuilding sector. The government will use 9.8 trillion won to stimulate the economy, with the remaining 1.2 trillion won to go to pay back the state debts.


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