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Korean govt to use extra budget to create jobs, restructuring

Collected: 2016.07.22

Distributed: 2016.07.25

Source: Go Direct

South Korea’s Minister of Strategy and Finance Yoo Il-ho, also titled deputy prime minister for the economy, said Thursday the government will use extra fiscal spending of more than 20 trillion won ($17.6 billion) earmarked for the second half to create at least 60,000 jobs.

He estimated that this year’s supplementary budget would help to ease liquidity woes of small and mid-sized enterprises and merchants and accelerate economic growth next year.

The government proposed to create 10 trillion won in supplementary budget and also spend another 10 trillion won more through increased spending by public institutions to aid the restructuring process of shipbuilding and other troubled industries.

He also pledged to secure budget to assist smaller enterprises and address pollution problems.

By Kim Gyu-sik

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