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Korea cuts transport budget 3.8% for 2018

South Korea's government budget for the transportation sector will fall 3.8 percent next year as the government plans to spend less on construction projects and more on welfare policies, the transport ministry said Tuesday.

The government has set aside 39.8 trillion won ($36 billion) for 2018, down from 41.31 trillion won this year, the Ministry of Land, Infrastructure and Transport said in a statement.


The decline was to help the Moon Jae-in government achieve its main goals of generating 810,000 jobs in the public sector during his five-year term that began May 10 and sharply improve welfare programs for the elderly and parents with kids.

The ministry said the 2018 budget will focus on developing new towns and renovating old neighborhoods across the country while offering 50,000 public rental homes for students.

In his campaign pledges, Moon said his government will invest a total of 50 trillion won to achieve balanced growth based on bolstering the income of ordinary people. (Yonhap)