Ruling party eyes creating extra budget of up to 29 tln won

SEOUL, March 17 (Yonhap) -- The ruling Grand National Party (GNP) plans to
compile a supplementary budget of up to 29 trillion won (US$20.59 billion) for
fiscal 2009 to help stimulate the flagging economy, the party's chief policymaker
said Tuesday.
Yim Tae-hee, head of the GNP's policy committee, made the remarks after holding a
meeting with officials of the finance ministry.
"We plan to create a supplementary budget in the range from 27 trillion won to 29
trillion won," although the budget's exact volume will be shaped around the
weekend after holding further talks with the ministry, Yim told reporters.
The ruling party and the government indicated last week they would set the extra
budget's volume at around 30 trillion won with a view to creating more jobs amid
the economic downturn.
But the main opposition Democratic Party has asked that it be set far below 30
trillion won, citing the need for fiscal soundness.
South Korea's budget for 2009 totals 217.5 trillion won.
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