S. Korean Cabinet approves proposal for US$ 29 bil. third extra budget

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Published on 3 Jun 2020, 5:12
“35.3조, 역대 최대”… 3차 추경안 국무회의서 의결

Our top story this afternoon.
The South Korean government has approved a 29 billion U.S. dollar third supplementary budget proposal to fight an economic slowdown caused by the COVID-19 pandemic.
In a meeting presided over by Prime Minister Chung Sye-kyun on Wednesday, the cabinet signed off on the Moon administration's third budget plan of the year, the largest in Korean history.
"We will focus on injecting emergency funds into key industries and small enterprises, while keeping and creating jobs.
Through the supplementary budget, we will work to accelerate both consumption and investment and also help exports recover."
The government will submit the budget proposal to the National Assembly on Thursday.
If the proposal is approved by lawmakers, the government plans to spend more than 75 percent of it within three months.

#SouthKorea #budget #government

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