SEOUL, March 19 (Xinhua) -- South Korea planned to earmark 10 trillion won (around 9 billion U.S. dollars) in supplementary budget this month to boost economic growth in the early period of new presidency, Yonhap News Agency reported on Tuesday.
According to sources cited by Yonhap, the new administration under President Park Geun-hye planned to hold a closed-door meeting chaired by Park on Friday to discuss whether to compile the extra budget. Details on the discussion will be reflected on the economic policy direction scheduled to be announced on March 26.
Around 10 trillion won, which would be allocated to the supplementary budget, was reported to be mostly raised through government bond issuance.
The new government under President Park, which took office in late February, was widely expected to unveil new stimulus measures to spur growth in the early period of new presidency.
Finance Minister nominee Hyun Oh-seok said during his confirmation hearing last week that he will decide on the timing of supplementary budget after reviewing economic conditions in a comprehensive way.
Regarding the media report, the finance ministry said in a statement that no decision on whether to compile the extra budget and the size of the possible supplementary budget has been decided yet.