August 2, 2019 / 12:35 PM / 4 months ago

S.Korea approves extra budget as Japan trade row poses new risk

SEOUL, Aug 2 (Reuters) - South Korea’s parliament approved on Friday a supplementary budget of 5.83 trillion won ($4.87 billion), aimed at supporting economic growth and efforts to mitigate the impact of Japan’s export controls.

In a 196-12 vote, the single-chamber National Assembly approved the bill, scaled down from an April draft proposal for 6.7 trillion won, although new spending plans over the trade dispute with Japan were added recently.

It includes a newly added 273.2 billion won in plans related to Japan’s curbs on exports of strategic materials to South Korea, the finance ministry said in a statement.

Under the approved budget bill, the government now plans to issue about 3.3 trillion won worth of new bonds, less than the figure of 3.6 trillion planned earlier. ($1=1,198.3000 won) (Reporting by Joori Roh and Choonsik Yoo; Editing by Clarence Fernandez)

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