National Assembly approves US$ 4.9 bil. dollar extra budget bill
Arirang News
2019-08-03
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Over at the Parliament, South Korea's rival parties finally approved a long-pending extra budget bill worth roughly 5 billion U.S. dollars on Friday.
It's expected to help the government tackle the slowing economy... and cushion the blow of Japan's export restrictions.
Our political correspondent Kim Min-ji reports.
The National Assembly has passed a long overdue extra budget bill worth 4-point-9 billion U.S. dollars.
It's down from the 5-point-7 billion dollars initially proposed by the government... mainly to tackle downside economic risks and fine-dust pollution.
Breaking down the budget -- roughly 230 million dollars has been allocated to deal with Japan's trade curbs.
The majority of that amount... will be used for R&D so that South Korea's parts and materials industries can become more competitive... and localize the production of items that have been restricted by Tokyo.
Roughly 2 billion dollars has been set aside to boost people's livelihoods,... which includes funding to support areas hit by natural disasters.
More than one billion dollars was shaved from projects which the opposition claimed were vote-getting measures ahead of next year's general elections,... while the debt-funded portion of the extra budget has also been slightly cut.
Rival parties apologized for the long delay in the bill's passage,...saying that they hope the extra budget will help alleviate the Seoul-Tokyo trade spat,... and that it breathes fresh life into the economy.
The budget passed some 100 days after it was submitted to parliament.
The vote itself was also held a day behind schedule on partisan wrangling.
The main opposition party had demanded large cuts,... given that over half of the budget is to be funded through debt.
Nevertheless, the extra budget will likely give the government some much-needed help to face economic headwinds,... and devise contingency plans over Japan's trade retaliation.
During a cabinet meeting on Saturday,... Prime Minister Lee Nak-yon condemned Tokyo's export controls,... saying it will threaten the global economic system, and that South Korea must respond sternly.
He also vowed to implement the extra budget as soon as possible.
Kim Min-ji, Arirang News.
It's expected to help the government tackle the slowing economy... and cushion the blow of Japan's export restrictions.
Our political correspondent Kim Min-ji reports.
The National Assembly has passed a long overdue extra budget bill worth 4-point-9 billion U.S. dollars.
It's down from the 5-point-7 billion dollars initially proposed by the government... mainly to tackle downside economic risks and fine-dust pollution.
Breaking down the budget -- roughly 230 million dollars has been allocated to deal with Japan's trade curbs.
The majority of that amount... will be used for R&D so that South Korea's parts and materials industries can become more competitive... and localize the production of items that have been restricted by Tokyo.
Roughly 2 billion dollars has been set aside to boost people's livelihoods,... which includes funding to support areas hit by natural disasters.
More than one billion dollars was shaved from projects which the opposition claimed were vote-getting measures ahead of next year's general elections,... while the debt-funded portion of the extra budget has also been slightly cut.
Rival parties apologized for the long delay in the bill's passage,...saying that they hope the extra budget will help alleviate the Seoul-Tokyo trade spat,... and that it breathes fresh life into the economy.
The budget passed some 100 days after it was submitted to parliament.
The vote itself was also held a day behind schedule on partisan wrangling.
The main opposition party had demanded large cuts,... given that over half of the budget is to be funded through debt.
Nevertheless, the extra budget will likely give the government some much-needed help to face economic headwinds,... and devise contingency plans over Japan's trade retaliation.
During a cabinet meeting on Saturday,... Prime Minister Lee Nak-yon condemned Tokyo's export controls,... saying it will threaten the global economic system, and that South Korea must respond sternly.
He also vowed to implement the extra budget as soon as possible.
Kim Min-ji, Arirang News.
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