South Korea to inject $25.3bn in H2 for economic recovery

July 30, 2014 - 9:11:35 am

SEOUL: The South Korean government will inject about 26 trillion won ($25.3 billion) in the forms of fiscal measures and policy financing during the remainder of this year to help the slowing economic recovery, Finance Minister Choi Kyung-hwan said Wednesday.

"In order to carry out diverse policy measures in a speedy manner, we plan to inject about 26 trillion won (into economic recovery efforts) by strengthening fiscal measures and policy financing," Choi was quoted as saying by Yonhap news agency at a meeting with other policymakers.

This is a follow-up to the government's economy management plan unveiled last week, under which it vowed a policy package worth 40.7 trillion won aimed at boosting the economy.

At the time, the government said that it will inject about 21.7 trillion won during the second half of this year.

He said the government will soon unveil measures aimed at nurturing "promising" service-sector businesses, calling the service industry a main element that could help increase household income and boost job creation.

Choi said that the government will push to stimulate "competition" and "market opening" in areas where barriers are high for new entrants or where restrictions are heavy for business operation.

The government will also seek to expand fiscal and financial support in sectors where infrastructure is not strong enough, he added. (QNA)



 

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