[THE INVESTOR] President Park Geun-hye on June 28 agreed to pursue 20 trillion won (US$16.9 billion) of extra spending this year to help stabilize the South Korean economy, the presidential office of Cheong Wa Dae said. The amount will include a 10 trillion won supplementary budget to be executed in the latter half of the year, officials said. The remaining will come in other forms, such as investment in public funds and institutions.

Park discussed these and other economic issues including the impact of Britain’s recent decision to quit the European Union at a meeting with her economy-related ministers including Finance Minister Yoo Il-ho and the members of the National Economic Advisory Council.

Among other key agenda, the government reaffirmed its resolve to push for its economic reform drive to ensure the smooth restructuring of ailing local industries such as steelmaking and shipbuilding.

By Kim Ji-hyun (jemmie@heraldcorp.com)