Gov’t to send W376 trillion budget request to National Assembly

By Park Sae-jin Posted : September 18, 2014, 17:12 Updated : September 18, 2014, 17:12

 

The Cabinet Thursday approved the government’s spending plan for fiscal 2015, which is scaled at 376 trillion won (US$361 billion), up 5.7 percent from this year.

The spending increase, the largest on-year spending hike since 2009, is higher than a 3.5 percent rise in expenditures set for the 2013-2017 period.

“The primary aim of the ‘expansionary’ budget for next year is to help boost the slowing economic recovery,” said Bang Moon-kyu, second vice minister of strategy and finance, during a pre-announcement press briefing.

The government plans to send the budget request to the National Assembly by Sept. 23, officials said.

In South Korea, the fiscal year begins on Jan. 1 and ends on Dec. 31.
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