InfoAnda - South Korea to propose $12 bln stimulus package

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: South Korea to propose $12 bln stimulus package Reuters - Wednesday, March 18 By Lee Shin-hyung ADVERTISEMENT SEOUL, March 17 - South Korea will soon propose $12 billion of spending plans to boost domestic demand in Asia's fourth-largest economy now headed for its first recession in 11 years, a top ruling party official said on Tuesday. The government will soon submit to parliament for approval a supplementary budget bill worth 27 trillion won to 29 trillion won, including about 17 trillion won in additional spending to revive the economy, he said. The remaining amount will be to plug an expected shortfall in tax revenue this year in the face of a deepening global recession, which has been biting into corporate profits and consumers' income. "The government is working on a supplementary budget of between 27 trillion and 29 trillion won," Lim Tae-hee, the policy chief of the Grand National Party, told reporters after holding a consultation meeting with Finance Minister Yoon Jeung-hyun. The additional spending is equivalent to about 2 percent of the country's annual gross domestic product. He said the government would probably sell up to 19 trillion won in treasury bonds to fund the supplementary budget, but did not say how it would fund the remaining amount. "I think the government will be able to reduce the amount of funds to be raised through bonds by about 10 trillion won from the total budget of 27-29 trillion won," he said. Concerns about a big amount of government bond offerings to fund the extra budget have dampened the local bond market since late January, pushing up the yield on benchmark 5-year treasury bonds <KR5YT=KSDA> by half a percentage point since then. The Ministry of Strategy and Finance has promised to finalise details of the supplementary budget bill by the end of this month, although it already announced 6.1 trillion won of stimulus measures last week partly to be covered by the extra budget. The fresh spending plans are being introduced in addition to some 51 trillion won of fiscal spending and tax cut plans that South Korea has adopted since the middle of last year for implementation until 2012 to revive the economy. Separately, the central bank has slashed the benchmark interest rate by a total of 3.25 percentage points to a record low of 2.0 percent since early October to ensure money keeps flowing through the financial system. South Korea's export-dependent economy is widely feared to be hit especially hard by the global recession, with the government forecasting gross domestic product will contract by around 2 percent this year for the first time in 11 years. Analysts paint a much bleaker picture, predicting the economy will shrink by as much as 7 percent to suffer the worst year in the country's nearly 40 years of industrialisation. NEWSLINK: * South Korean measures to fight crisis.......[ID:nSEO319227] Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Financial Crisis Turkish assets slip in sluggish marketsReuters - 2 hours 1 minute ago Chinese copper demand rising -Germany's AurubisReuters - Wednesday, March 18 South Korea to propose $12 bln stimulus packageReuters - Wednesday, March 18 Govt mulls 100-bln-rupee package for shipping cosReuters - Wednesday, March 18 Related Articles: Business Obama defends tackling many problems at same timeAP - 1 hour 16 minutes ago Iraq sees big wheat buy, no new US rice-officialReuters - 1 hour 34 minutes ago Bank of Japan mulls lending $10B to banksAP - 1 hour 40 minutes ago New-home construction logs unexpected gainAP - 1 hour 43 minutes ago More business travellers flying economy-airlines bodyReuters - 1 hour 44 minutes ago Related Full Coverage Financial fallout Latest news on global credit crunch. All Full Coverage Most Popular – Business Viewed Arrest warrant issued for Lindsay Lohan For sale: nagging wife, very high maintenance Twin boys for Charlie Sheen and wife World Bank warns of "very dangerous" year ahead OPEC chief demands rich nations act on crisis View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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