South Korea is seeking to draw up an extra budget worth about 10 trillion won (US$8.96 billion) as part of efforts to resuscitate its slowing economic recovery, government sources said Tuesday.
The finance ministry sources said that the government will hold a closed-door meeting on Friday to determine whether to push for the extra budget. The meeting will be chaired by President Park Geun-hye.
The scale of the envisioned additional budget will be about 10 trillion won, which will likely be raised mostly by issuing government debts, they said. The ministry is in charge of budget affairs.
The move comes after Park's nominee for finance minister, Hyun Oh-seok, hinted during his confirmation hearing last week that he will explore diverse ways including an extra budget by taking into account current economic situations.