S. Korea to submit revised 2009 budget plan: vice finance minister

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SEOUL, Oct. 31 (Yonhap) -- South Korea's government will submit to parliament "as
soon as possible" a revised 2009 budget plan reflecting the latest economic
conditions, Vice Finance Minister Bae Kook-hwan said Friday.
Earlier this month, the Finance Ministry sent a 273.9 trillion won (US$212.1
billion) budget plan to the National Assembly for approval, but demand for
expanded fiscal spending has been growing recently as the current financial
turmoil is showing signs of negatively affecting the nation's real economy.
"The government and the ruling party held talks and concluded that they will
revise the budget plan," Bae told reporters. "An increase of about 1 trillion won
is regarded as a customary adjustment in budgets, so it could be discussed in
parliament, but this time the amount will very likely exceed it, which requires a
revision in the overall budget plan."
Local media reports have said that the government is considering a 5 trillion won
increase in its spending for next year, aimed at stimulating slumping domestic
consumption and kick-starting the economy.
South Korea's economy, Asia's fourth-largest, grew 0.6 percent in the third
quarter, the slowest on-quarter growth in four years.
The recent U.S.-sparked financial turmoil worsened external economic conditions
for South Korea, raising fears that exports, the country's major growth engine,
might also be affected down the road.
kokobj@yna.co.kr
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