President says 'sound spending' key to economic recovery

By Byun Duk-kun
SEOUL, March 24 (Yonhap) -- President Lee Myung-bak Tuesday called on the
government and the people to increase their spending, saying sound spending is
the key to reviving the economy amid the global financial meltdown.
"We must discourage squandering but encourage sound spending so there can be a
positive cycle of increased spending and an economic boost," the president was
quoted as saying while chairing a Cabinet meeting.
The Cabinet approved a 29 trillion won supplementary budget earlier in the day,
the largest amount in history, to stimulate the tanking economy.
Lee noted that the budget, along with the trillions of won the government has
already pledged, will help put the country on track to recovery, but said another
factor deciding the fate of the South Korean economy is the overall attitude of
the people.
"We must make sure the extra budget is spent appropriately and in a timely manner
so we can help reduce the sufferings of our ordinary citizens, but the economy
can recover faster if the social atmosphere changes," he said.
The president said the extra budget could be called an "employment budget," as
the government earlier said it will be used to create some 550,000 jobs and
provide additional benefits to over 2.6 million people currently out of work or
in need of help.
bdk@yna.co.kr
(END)