December 7, 2018 / 7:51 PM / 4 days ago

South Korean parliament approves 2019 government budget

A South Korea won note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

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

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