Korean finance minister vows to spend more in Q2 to revitalize economyUpdated: 2014-04-17 AM 3:35:53 (KST)
Finance Minister Hyun Oh-seok says the government will accelerate its rate of spending in the first half of the year to help boost Korea's economy and make people actually feel the effects of improving economic conditions.
"Second-quarter spending will be expanded to exceed the original first-half-of-the-year guideline of 55 percent. The money will be spent with a special focus on supporting the nation's small and mid-sized firms so that 60 percent of the year's budget allocated for the finance sector is used in the first half of the year."
. , 60% 2/4 )
The government executed 24 percent of its finance budget in the January to March period -- slightly below its target of 28 percent.
The finance minister is now pushing to spend what was left over in the first quarter PLUS more than its 27 percent target for the second quarter.
Hyun, while stressing that Korea's economy is on a path of moderate recovery, emphasized that external uncertainties such as the U.S. stimulus scale-back and the slowdown in the Chinese economy should be closely monitored.
He also pledged to spur domestic investment.
"The government will continue to make sure its 28-billion dollar-investment-project is run as planned throughout the year. The project consists of 19 tasks aimed at easing regulations on restricted properties and utilizing them to secure investment, for example, for building company towns and special economic zones.
Laah Hyun-kyung, Arirang News."
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