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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: FACTBOX-S.Korea govt, party agree on $13 bln new spending Reuters - Monday, March 23 March 23 - South Korea's government and ruling party have agreed on fresh spending plans of some 18 trillion won out of a 29 trillion won extra budget to revive the economy, the ruling party said on Monday. [ID:SEO175477] ADVERTISEMENT The following shows the key measures taken by Seoul to help Asia's fourth-largest economy weather the global downturn: EXTRA BUDGET - The additional spending is expected to help bolster economic growth by 1.5 percentage points, or 2 percentage points if it was accompanied by more private sector investment and deregulations. - The spending is equivalent to about 2 percent of the country's annual gross domestic product. - The government plans to spend 4 trillion-4.5 trillion won to help people with lower incomes. - It will spend 3 trillion-3.5 trillion won to revive job markets and 4.5 trillion-5.0 trillion to support smaller exporters and self-employers. - The country will inject 2.5 trillion-3.0 trillion won to revive provincial economies and invest 2.0 trillion-2.5 trillion won in research and development as well as educations and river developments. - The government is set to unveil details on the extra budget on Tuesday. FISCAL SPENDING, TAX CUTS - The net value of plans for fiscal spending and tax cuts announced since last year is about 70 trillion won, or about 8 percent of GDP. - In 2008, the government offered plans worth 51.3 trillion won, under which some of the spending would be spread out through 2012. - It will soon submit a supplementary budget for parliamentary approval. This will be worth 27-29 trillion won, of which about 17 trillion won, or 2 percent of GDP, is in additional spending. The rest covers the anticipated shortfall in tax revenues. - The overall total includes 4.9 trillion won for job creation and other employment measures. - Another 6.1 trillion won -- mostly from the extra budget -- will go towards helping the poor, including shopping vouchers in return for simple public works. MEASURES TO HELP COMMERCIAL BANKS - The debt clearing agency, Korea Asset Management Corp , plans to launch a 40 trillion won fund to buy troubled loans from financial institutions and assets from beleaguered companies. The government hopes to pass a bill next month allowing KAMCO to issue bonds to help finance the fund. - KAMCO also plans to buy 1.24 trillion won in property-related loans from small savings banks to relieve them of soaring loan delinquencies and defaults. - Sometime this month, the authorities are expected to launch a 20 trillion won fund to recapitalise commercial banks. The central bank plans to contribute 10 trillion won to the fund. - In November, the central bank began accepting bonds issued by commercial banks as collateral for repurchase agreements. EFFORTS TO EASE FOREIGN-CURRENCY SHORTAGES - In October, the government offered up to a three-year guarantee to banks on foreign currency borrowings of up to $100 billion, if taken by the end of June. - The Bank of Korea sealed mutual currency swap arrangements with the central banks of the United States, Japan and China in a series of deals between October and December, providing for as much as $90 billion. - Since October, the central bank has supplied $15.57 billion to banks via swaps out of its foreign currency reserves and another $23.35 billion using the currency swap line with the U.S. Federal Reserve. Much of the outlay has been recovered. - Ten members of the Association of Southeast Asian Nations , China, Japan and South Korea agreed in late February to launch a $120 billion emergency fund that they can tap into any time -- up from an earlier proposal for $80 billion. MEASURES TO BOOST DOMESTIC LIQUIDITY - The Financial Supervisory Service said on March 16 it will raise the minimum threshold on money market funds' holdings of bonds and commercial paper in an effort to boost the pool of investors for government and corporate debt. - State-run Export-Import Bank of Korea plans to provide 4 trillion won to help local ship parts makers ease liquidity problems. - The Bank of Korea cut its policy interest rate by a total of 3.25 percentage points between early October and early February in six steps, taking the rate to a record low of 2.0 percent. - In October, it lifted the ceiling on special loans provided at preferential interest rates to small and mid-sized enterprises to 10 trillion won from 6.5 trillion. - The Bank of Korea paid one-time interest totalling 500 billion won to banks in December on their cash reserves deposited with the central bank for the first time in history. 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: China's Economy Official says China to continue buying US debtAP - Tuesday, March 24 World markets surge ahead of US bank crisis planAP - Tuesday, March 24 China shares up for 6th day on higher commoditiesAP - Tuesday, March 24 Dollar falls broadly, Aussie hits 2-1/2 mth highReuters - Tuesday, March 24 Related Articles: Business FTSE up as U.S. bank plan lifts banks, commodsReuters - Tuesday, March 24 Over a third of Indian firms see worse ahead - surveyReuters - Tuesday, March 24 Tiffany 4Q profit sinks, still beats viewAP - Tuesday, March 24 Lebanon economy indicating 4 pct growth in 09-cbankReuters - Tuesday, March 24 Nippon Steel, BMA agree 57 pct cut in coal priceReuters - Tuesday, March 24 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed British reality TV star Jade Goody dies of cancer Prince Charles blue over green crusade Madoff loses bail appeal as victims' rage revealed Arrest warrant issued for Lindsay Lohan Opel boss hints at closing German plants View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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