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PM stresses importance of extra budget on nat'l economy

All News 16:30 July 22, 2016

SEOUL, July 22 (Yonhap) -- Prime Minister Hwang Kyo-ahn on Friday urged the government to beef up efforts in promoting the importance of the extra budget that will be sent to parliament for passage next month, adding it will play a key role in revitalizing the national economy.

"I would like to ask related organizations including the financial ministry to highlight the importance of the extra budget, so it can be passed by the National Assembly in a timely manner," Hwang said during a Cabinet meeting.

"The extra budget is aimed at dealing with restructurings of the shipbuilding segment as well as external uncertainties," Hwang said. "I hope the budget will help in generating jobs, revitalizing regional economy, and stabilizing the lives of the low-income bracket."

Hwang added that ministries should also make thorough preparations so that the budget can be rolled out as soon as the parliament approves the plan.

The National Assembly is expected to pass the budget plan on Aug. 12.

South Korea is calling for a 11 trillion won (US$9.64 billion) extra budget designed to prop up its economy. It is part of the government's 28 trillion won economic stimulus package aimed at helping Asia's fourth-largest economy achieve 2.8 percent growth this year, which was downgraded last month from an earlier target of 3.1 percent.


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