S. Korean Government to Raise Budget Spending by 5.72

(MENAFN- Qatar News Agency) Seoul September 18 (QNA) - South Korea's government seeks to expand its spending for next year by 5.7% from this year to give the country's economy a much-needed jumpstart out of the prolonged slow recovery South Korea's finance ministry said Thursday. The government will ask the National Assembly to approve 376 trillion won (US$361 billion) in spending for 2015 larger than 355.8 trillion won assigned for this year according to the ministry. The sought amount is 8 trillion won more than what was initially proposed. The proposal which was endorsed at a Cabinet meeting on Thursday will be submitted to the National Assembly by Tuesday next week. Under the Constitution it should pass the parliament no later than December 2 South Korea's News Agency (Yonhap) reported. The spending increase is higher than the 4% rise in the 2014 budget. It would also mark the largest on-year spending hike since 2009 when it grew 10.6% from a year earlier. (QNA)