(MENAFN- Qatar News Agency) Seoul September 18 (QNA) - South Korea's government seeks to expand its spending for next year by 5.7% from this year to give the country's economy a much-needed jumpstart out of the prolonged slow recovery South Korea's finance ministry said Thursday. The government will ask the National Assembly to approve 376 trillion won (US$361 billion) in spending for 2015 larger than 355.8 trillion won assigned for this year according to the ministry. The sought amount is 8 trillion won more than what was initially proposed. The proposal which was endorsed at a Cabinet meeting on Thursday will be submitted to the National Assembly by Tuesday next week. Under the Constitution it should pass the parliament no later than December 2 South Korea's News Agency (Yonhap) reported. The spending increase is higher than the 4% rise in the 2014 budget. It would also mark the largest on-year spending hike since 2009 when it grew 10.6% from a year earlier. (QNA)
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.