President Park Geun-hye said Wednesday that the extra budget submitted to parliament will play a crucial role in bolstering job creation, calling on lawmakers to lend their support by promptly approving the stimulus plan.
“The government will allocate the extra budget with haste as soon as the plan is passed,” Park said in a statement delivered by Prime Minister Hwang Kyo-ahn at the National Assembly, adding the budget will play a key part in improving the national economy and creating more jobs.
The bill, tentatively slated to pass on Aug. 12, focuses on allocating 11 trillion won ($9.6 billion) to add vitality to the national economy.
While the ruling Saenuri Party has been claiming that lawmakers should join forces to pass the plan as soon as possible, the opposition bloc insisted that the details of the bill must be revised.
Specifically, the main opposition Minjoo Party of Korea said the extra budget should add 1.8 trillion won ($1.5 billion) for the free education program for children aged three to five, rather than spending 1.2 trillion won on the repayment of national debt as proposed by the government.
The plan also includes spending 1.9 trillion won on the restructuring of the troubled local shipbuilders, and 2.3 trillion won to be earmarked to revitalize rural economies.
Park said the budget plan should exclude social-overhead capital projects and instead focus on job creation which is critical for sustainable economic growth. The presidential office added if the budget is passed on schedule, it will lead to the creation of 68,000 more domestic jobs.