S Korea to spend 70% of annual budget in first half of 2010

13:34, January 04, 2010      

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South Korea plans to front-load 70 percent of the annual national budget during the first half of the year in an effort to help the country lead its way out of global financial downturn, Seoul's Ministry of Strategy and Finance said Monday.

In the Cabinet meeting Monday, the government endorsed the budget execution plan which sets aside 178.3 trillion won (153.6 billion U.S. dollars) for the first half of 2010, about 70 percent of the annual budget, the ministry said.

The move is in line with the front-loading trend the Asia's fourth biggest economy has led as part of efforts to strengthen its nascent economic recovery.

President Lee Myung-bak urged in the meeting an efficient execution of the budget, following the delayed passage of the disputed budget bill last week, and called for concentrated efforts to create jobs, according to a presidential spokesman.

He last week pledged more economic growth and job creation in 2010 but remained cautious about seeking an exit strategy, saying South Korea will remain in what Lee calls an "emergency economic rescue mode" during the first half of next year.

Source: Xinhua
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