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Biz News Korea(Eng)
S. Korean gov’t to execute 64% of $9.8 bn supplementary budget in Sept
- Collected
- 2016.09.05
- Distributed
- 2016.09.06
- Source
- Go Direct
The Ministry of Planning and Finance on Friday decided on spending 64 percent of the newly created supplementary budget within September. The parliament passed the government-proposed 11 trillion won supplementary budget on Friday and the state has less than four months for the execution of the extra.
The state plans to spend 90 percent of the budget allocated for supporting shipping and shipbuilding sectors, and 75 percent of the budget designed to bolster job creation and stabilize local economy by the end of September. The funding worth 1.2 trillion won by state-run the Export-Import Bank of Korea and the Korea Development Bank as well as the 400 billion won financial supports through Korea Credit Guarantee Fund will be executed immediately.
The state will also accelerate spending on vitalizing the regional economy including aids for agricultural and fishery sectors as well as supporting small- and medium-sized firms.
By Cho Si-young
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