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Gov't submits extra budget plan to parliament

All News 14:20 July 26, 2016

SEOUL, July 26 (Yonhap) -- The South Korean government submitted its extra budget plan aimed at revitalizing the national economy to the parliament on Tuesday, as the ruling and opposition parties remain divided over the details of the support measures.

The bill, tentatively slated to pass on Aug. 12, focuses on allocating 11 trillion won (US$9.6 billion) to add vitality to the weak economy and generate more jobs.

The ruling and opposition parties, however, still remain divided on detailed related to the allocation of the supplementary spending plan, casting concerns that the bill may not be passed in a timely manner.

"Due to the rising uncertainties sparked by Britain's decision to leave the European Union and the rising woes over unemployment through corporate restructurings, the extra budget must be implemented promptly," the ruling Saenuri Party said in a statement.

Saenuri also said the National Assembly cannot delay the passing of the bill to save the national economy and create more jobs, adding the opposition bloc should back the latest stimulus package.

The main opposition Minjoo Party of Korea, however, said it will not give support for the extra budget "unconditionally," adding it will take more time to review it in a thorough manner.

"Whether the bill is passed on Aug. 12, or later in the month, the budget will still be implemented in September," an official from Minjoo said, pointing out that there is no need to rush deliberations.

The minor People's Party echoed the view, adding that it will also check deeper into the background of the fragile finances of state-run banks before providing them with support.


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