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South Korea draws up $13 billion budget boost

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jacksdad View Drop Down
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    Posted: June 25 2015 at 2:29am
Markets | Thu Jun 25, 2015 5:00am EDT

South Korea draws up $13 billion budget boost as MERS bites into growth

SEOUL | By Christine Kim

South Korea announced a financial package of more than 15 trillion won ($13 billion) on Thursday, including a supplementary budget, designed to boost growth as a deadly outbreak of the MERS virus adds pressure on the already shaky economy.

Finance Minister Choi Kyung-hwan said although there were concerns a supplementary budget could hurt fiscal soundness, it would be better for the economy long-term.

"We were contemplating a supplementary budget to make up for tax revenue shortfall as global growth had been very weak from the start of the year. Then MERS happened and we had to do it," said Finance Minister Choi.

http://www.reuters.com/article/2015/06/25/us-southkorea-economy-growth-idUSKBN0P50HZ20150625

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