Gov't to execute 70% of extra budget within 3 months to support economy

The government will execute 70 percent of the recently passed 13.8 trillion-won ($9.9 billion) extra budget within three months to boost the local economy and support export companies amid global trade uncertainties, the finance ministry said Thursday. The Ministry of Economy and Finance announced the plan at a meeting of economy-related ministers, saying the swift execution is aimed at maximizing the impact of fiscal spending. The extra budget, approved by the National Assembly last week, includes some 400 billion won for the issuance of local currency vouchers to help small merchants and 89.8 billion won worth of vouchers for export firms ailing amid global trade protectionism sparked by the U.S. administration's tariff scheme. With the execution, companies will be able to start using export vouchers worth a combined 178.6 billion won in June and a new 4 trillion-won low-interest loan program later this month. Small merchants will become eligible for up to 500,000 won in support to cover utility and insurance bills in July, according to the ministry. To enhance Korea's artificial intellWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times