(MENAFN) South Korea finalized supplementary budget plan for the second half at USD10.5 billion to boost the lackluster economy caused by sluggish exports, Xinhua reported.
A total of USD4.98 billion was earmarked for the expected lack of tax revenue caused by economic slowdown, and USD5.51 billion was allocated to counter the negative effect of the MERS outbreak.
The extra budget plan was approved at the Cabinet meeting to submit it to the National Assembly for approval on July 6, according to the Ministry of Strategy and Finance.
The USD10.5 billion extra budget would be raised mainly by issuing government bonds worth USD8.54 billion. To minimize the possible negative effect on the bond market, three- and five-year treasuries would be sold as those are less volatile.
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