S. Korea to keep aggressive spending to address coronavirus pandemic
SEJONG, May 27 (Yonhap) -- South Korea will maintain its aggressive fiscal spending as it is set to unveil the third extra budget early next month to minimize the economic pain from the coronavirus pandemic, Vice Finance Minister An Il-whan said Wednesday.
The third extra budget is aimed at focusing on reviving economic growth and creating jobs, An told a meeting with fiscal experts earlier in the day.
The budget is also designed to provide financial support to small- and medium-sized enterprises hit by the pandemic, An said.
"The government will keep its aggressive fiscal policy to overcome this crisis and help the economy rebound," An said.
The ministry has said it aims to create 1.56 million jobs in the public sector, as the nation's economy suffered its sharpest job losses in 21 years in April over the pandemic.
Earlier this week, President Moon Jae-in called for officials to "mobilize all available fiscal capabilities with the resolve to draw up a fiscal budget as if in wartime."
South Korea has pledged stimulus packages worth 250 trillion won (US$203 billion), or 13 percent of its gross domestic product, to cushion the economic blow from the pandemic.
The nation's economy shrank 1.4 percent on-quarter in the first quarter of this year, marking the sharpest quarterly contraction since the last three months of 2008.
kdh@yna.co.kr
(END)
-
N. Korea's Kim holds talks with Russian defense minister on strengthening military cooperation: state media
-
Late wife of Australian veteran of Korean War laid to rest in Busan
-
Remains of another Korean War soldier identified
-
(LEAD) Fighter jet crashes in Seosan; pilot makes emergency escape
-
Fighter jet crashes in Seosan; pilot makes emergency escape
-
Late wife of Australian veteran of Korean War laid to rest in Busan
-
24 teachers caught illegally selling exam questions to private educators
-
Remains of another Korean War soldier identified
-
(LEAD) Fighter jet crashes in Seosan; pilot makes emergency escape
-
Fighter jet crashes in Seosan; pilot makes emergency escape
-
(LEAD) Family of 5 found dead in 3 separate locations
-
Allies vow stern measures against Russia-N. Korea arms deal
-
(LEAD) Opposition party leader ends 24-day hunger strike for treatment
-
(4th LD) Xi says he will seriously consider visit to South Korea: official
-
(2nd LD) U.S. finalizes national security 'guardrails' for CHIPS funding