S. Korean Cabinet approves proposal for US$ 29 bil. third extra budget
Updated: 2020-06-03 13:19:15 KST
The South Korean government has approved a third supplementary budget to get the country through the economic slowdown caused by the coronavirus pandemic.
It's worth around 29 billion U.S. dollar.
In a meeting Wednesday led by Prime Minister Chung Sye-kyun, the Cabinet signed off on the budget plan, 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.