S. Korea seeks additional budget spending to stimulate economy

SEOUL, Nov. 3 (Yonhap) -- South Korea said Monday that it will increase its
budget spending by around 10 trillion won (US$7.74 billion) next year as part of
efforts to help stimulate the slumping economy and low-income people tide over
the current financial turmoil.
The move was decided at a policy consultation meeting between the government and
the ruling party on Sunday night and will be included in a wide range of economic
stimulus measures soon to be officially announced, according to government
officials.
Earlier this month, the Finance Ministry sent a 274-trillion won budget plan for
2009 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 taking its toll on the nation's real economy.
kokobj@yna.co.kr
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