SEOUL-- The latest extra budget passed by the parliament on Saturday focuses on helping agricultural households with drought as well as preparations for next year's Winter Olympics to be held in South Korea.
The National Assembly on Saturday passed an 11.03 trillion won (US$9.8 billion) extra budget bill in line with President Moon Jae-in's efforts to create jobs and revitalize the national economy. The amount was 153.7 billion won lower than the original plan proposed by the government.
The funds mostly focused on supporting drought-hit regions as well as the preparations for the 2018 PyeongChang Winter Olympics.
Around 100 billion won was allocated to fight the nationwide drought, which includes water development projects.
With the 2018 PyeongChang Winter Olympics seven months ahead, the budget also allocated 45 billion won for promotional projects.
The plan to allocate 8 billion won to hire more civil servants, however, was excluded amid concerns that the increase may emerge as another burden for future generations.
Following the passage of the extra budget, the combined expenditure of the government this year is estimated at 410.1 trillion won, up from the original plan of 400.5 trillion won.
Breaking it down, 131.9 trillion won is allocated for the health, welfare and labor sectors. Another 18.8 trillion won is allocated for the industry, small and medium-sized business, and energy sectors.
Of the combined expenditures, 19.8 trillion won will be spent on the agricultural, fishery, and foodstuffs sectors.
Source: Yonhap News Agency