S.Korea to consider extra budget early next year

South Korea's government and the ruling party agreed on Friday to consider drafting a supplementary budget by February to support the faltering economy.

Officials and the Saenuri Party also decided to spend 30 per cent of next year's budget in the first quarter and at least 60 per cent in the first half to cope with sluggish domestic demand and exports, Yonhap News Agency reported.

"As tax revenue stands relatively sound, we strongly requested the government to draft an extra budget by February. The government said it would actively consider the plan," Representative Lee Hyun-jae, the policy chief of Saenuri, said after a policy consultation meeting with the top finance and industry policymakers.

They also agreed to take steps to stabilise egg prices which have been skyrocketing due to the spread of avian influenza, including transport and tax support for imported eggs.

--IANS

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