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S. Korea's ruling party, government agree on need for expansionary fiscal spending next year Updated: 2019-08-13 10:08:28 KST

South Korea's ruling party and the government have agreed on the need for expansionary fiscal spending next year to boost the economy and support innovative growth.
Although the exact figure has yet to be decided, the two sides on Tuesday exchanged views on which areas required more funds, especially in the wake of Japan's export curbs.
The 2019 budget was at around 385 billion U.S. dollars.
To deal with Tokyo, the two sides are thinking of setting aside more than a billion dollars.
More meetings are lined up this afternoon.
The ruling party will meet South Korea's leading private think tanks to discuss support measures for local firms that may be hit by Tokyo's trade retaliation.
Separately, senior ruling party lawmakers and top officials from the presidential office and the government will discuss any new developments, and review response measures.
KOGL : Korea Open Government License
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