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South Korea Plans to Inject Additional $13 Billion in Stimulus, 2009 Budget Inflates
South Korea, Asia’s fourth-largest economy, approved an additional $20.7 billion (28.9 trillion won) to the national budget – with $13 billion intended to stem the nation’s economic decline and rising unemployment.
The extra spending is on top of the original 284.5 trillion won budget for 2009, and will be mostly funded by selling government bonds. The remaining 11.2 trillion won will be spent making up shortfalls in tax revenue, Korea’s Yonhap News Agency reported.
The government submitted the budget to the National Assembly parliament for approval, and a decision will be made next month.
“The…
25Mar2009 | Money Morning | 0 comments | Continued
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