[THE INVESTOR] Korea’s top economic policymaker on July 15 called for the country’s planned extra budget to be rolled out in a “timely” manner, adding the detailed plan will be handed to the National Assembly this month.

“The timing is vital when it comes to an extra budget,” Finance Minister Yoo Il-ho said during a meeting with the ruling Saenuri Party. “The bill will be tabled in the parliament in a timely manner.”

He said the extra budget will be aimed at generating jobs amid the industrywide restructuring efforts.

“South Korea’s economy has been facing uncertainties from home and abroad amid worries about industrial restructuring and the Brexit issue,” the policymaker said and it could be further exacerbated by employment conditions in the deteriorating manufacturing sector this year.

The country’s top three shipyards suffered a combined operating loss of 8.5 trillion won (US$7.49 billion) last year, due largely to cost increase, resulting from a delay in the construction of offshore facilities and a worldwide dearth in demand.

The Finance Ministry on July 14 said the government will pour 6 trillion won into a supplementary budget. In June, the government announced a set of stimulus programs, including a 10 billion-won extra budget for the second half of this year, citing rising uncertainties at home and abroad.

(theinvestor@heraldcorp.com)