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Govt. Pledges Additional US$13 Billion to Shore Up Economy

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2009-03-24

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The government says it will inject close to 18 trillion won‚ or roughly 13 billion US dollars‚ to stimulate the country's battered economy.
The funds for the latest economic recovery plan come from the 29 trillion won which the government has allocated as a supplementary budget for this year.
It is the largest extra budget to be announced at one time since 1998 when Korea was deeply mired in the Asian financial crisis.
The 18 trillion-won economic resuscitation package is said to be equivalent to about 2 percent of the nation's GDP.
The government's new spending plan promises to help the most economically vulnerable people and businesses get back on their feet.
The government has set aside more than 4 trillion won to provide financial support to millions of low-income households offer zero-interest loans to people who are unable to find affordable housing and extend the unemployment insurance lifeline.
With the number of unemployed Koreans nearing almost 1 million three and a half trillion won will go to reduce the hemorrhaging of the nation's labor market.
[Interview : Yoon Jeung-hyun‚ Strategy and Finance Minister] "We expect the economy to grow by 1.5 percentage points and over 550-thousand new jobs. The latest extra budget coupled with further deregulation and private investment could boost growth by 2-percentage points."
1.5%p 내외의 성장률 제고와 55만 개의 일자리 창출효과가 기대됩니다. 금번 추경과 함께 규제완화와 민간투자 확대가 같이 추진될 경우에는 2%p 수준의 성장률 제고도 가능할 것으로 보입니다."
To help SMEs and export-driven companies beat the credit crunch‚ which has worsened by the weakening Korean currency and banks unwilling to lend money‚ the government will spend over 4 trillion won.
In a bid to help local economies fight recession fatigue 3 trillion won will be expended for purchase of bonds issued by municipal governments and to support small business owners with red-inked balance sheets.
An additional 2.5 trillion won will be earmarked for future growth engine industries including R&D‚ information technology and software development.
Part of the budget will also go to restoring Korea's four major rivers and nature conservation.
The planned extra-spending‚ however‚ comes at a steep price.
National debt will soar to well over 366 trillion won‚ or about 39 percent of the GDP‚ up from the 33 percent last year.
The finance ministry says‚ however‚ the debt-to-GDP ratio is relatively lower than other countries of the Organization for Economic Co-operation and Development.
Nam Ki-yung‚ Arirang News.
Reporter : kaynam@arirang.co.kr

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