Ruling party vows over 30 tln won in extra budget

SEOUL, March 8 (Yonhap) -- The ruling Grand National Party (GNP) said Sunday it will urge the government to earmark over 30 trillion won (US$20 billion) in supplementary budget funds to help create more jobs, boost domestic consumption and accelerate corporate restructuring.

"Many have estimated the upcoming extra budget to reach between 20 trillion and
30 trillion won, but the actual amount could surpass the level," Yim Tae-hee,
chief policymaker of the GNP, said in a meeting with reporters.
"The volume of supplementary budget must not be a point in dispute, as long as
the special expenditure would be helpful in terms of employment, consumption and
restructuring," said Yim.
Finance Minister Yoon Jeung-Hyun has indicated that the volume of the
supplementary budget now being discussed by the government and the ruling party
will be far in excess of 30 trillion won. Yoon said last week he won't ignore a
top GNP official's demand that the extra budget be set between 30-40 trillion
won.
But the main opposition Democratic Party has asked that the supplementary budget
be set far below 30 trillion won, citing the need for fiscal soundness.
South Korea's budget for 2009 totals 217.5 trillion won.
Meanwhile, Yim said the ruling party and the government will consider doling out
cash or shopping coupons to underprivileged households in a bid to help
revitalize domestic consumption.
He also stressed the need to accelerate corporate restructuring, saying it will
take quite a long time before the Korean economy shows signs of recovery.
ycm@yna.co.kr
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