South Korea finance minister says will draft extra budget of less than nine trillion won by April-end

FILE PHOTO: A man carries scraps in a handcart during snowfall in central Seoul
FILE PHOTO: A man carries scraps in a handcart during snowfall in central Seoul, South Korea, February 16, 2016. REUTERS/Kim Hong-Ji/File Photo

April 3, 2019

SEOUL (Reuters) – South Korea’s finance minister said on Wednesday the ministry will submit a supplementary budget of smaller than 9 trillion won ($7.9 billion) in size to the parliament by the end of April.

“The size of the extra budget hasn’t been confirmed yet, but I think it would be smaller than the size that the International Monetary Fund (IMF) suggested,” Hong Nam-ki told reporters after a policy meeting in Seoul.

Last month, IMF said that South Korea should draw up an extra fiscal budget around 9 trillion won to support an economy facing risks from sluggish investment and slowing global trade

(Reporting by Joori Roh, Yena Park; Editing by Shri Navaratnam)

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