South Korea's National Assembly on Thursday approved a 4.57 trillion won (4 billion U.S. dollars) extra budget to help ease economic burden caused by inflation and high raw material prices.
The ruling Grand National Party's spokesman Cho Yoon-sun said they hope the additional budget "will play a role in thawing the hearts of people who have been suffering from various economic difficulties."
"This will be our first step towards helping people in urgent need," he added.
According to the parliament, about 1 trillion won (875.2 million U.S. dollars) of the additional budget will be used to fill the deficits of state-owned energy firms, such as the Korea Electric Power Corp. and Korea Gas Corp., to prevent them from raising utility prices in the face of high fuel costs.
The approved budget is about 300 million won (262,580 U.S. dollars) short of the government's initial proposal made in June amid all-time-high oil costs, South Korea's Yonhap News Agency said.
About 600 billion won (525.1 million U.S. dollars) will be spent to support low-income households and the elderly in the form of college scholarships and gas vouchers, while 380 billion won (333 million U.S. dollars) will be given to farmers and fishermen.
Among 267 attending lawmakers, 240 voted in favor and 16 against, and 11 abstained.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article