SKorea's parliament set to pass extra budget bill

AP News
Posted: May 07, 2013 6:59 AM

SEOUL, South Korea (AP) — South Korea is set to approve a new budget bill that includes $15.3 billion of stimulus spending.

The finance ministry said Tuesday the National Assembly's budget committee passed the 17.3 trillion won supplementary budget aimed at stimulating the housing market, supporting small and mid-sized enterprises and creating jobs.

The bill will be approved at a plenary session later Tuesday where President Park Geun-hye's ruling party holds a majority.

The finance ministry proposed the extra budget last month, citing sputtering exports and feeble business investment. It lowered its forecast for South Korea's annual growth to 2.3 percent from 3.0 percent.

The extra budget includes funds to aid South Korean firms shut out of the jointly-run industrial park in the North Korean city of Kaesong.