SKorea's parliament approves $15.3B extra budgetMay 7, 2013 @ 4:36 am
SEOUL, South Korea (AP) - South Korea's parliament on Tuesday approved a new budget bill that paves the way for $15.3 billion of stimulus spending.
The National Assembly, where President Park Geun-hye's ruling party has a majority, passed the 17.3 trillion won supplementary budget aimed at stimulating the housing market, supporting small and mid-sized businesses and creating jobs, it said on its website.
The finance ministry said earlier Tuesday that parliament's budget committee passed the bill nearly unchanged from the ministry's proposal.
The 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 companies shut out of the jointly-run industrial park in the North Korean city of Kaesong.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Meet the Mariners' new second baseman, Robinson Cano
The legal marijuana industry might make a lot of cash, but there's nowhere to deposit
The Holiday Map
Find Santa photos, tree farms, lights & seasonal events with our holiday map
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.