SEOUL (Reuters) - South Korea’s parliament approved on Saturday a government budget for 2019 totaling 469.6 trillion won ($419 billion), down very slightly from the government’s initial proposal but sharply up from this year’s figure.
The finance ministry had proposed a 470.5 trillion won budget. The final figure marks a 9.5 percent increase from this year’s 428.8 trillion won budget, excluding a 3.9 trillion won supplementary budget introduced during the year.
The government of President Moon Jae-in, who took office in May 2017, plans to boost spending especially on supporting job-creation projects and strengthening the social safety net.
($1 = 1,120.5600 won)
Reporting by Hayoung Choi; Editing by Choonsik Yoo and Hugh Lawson