Acting president says is ready to discuss extra budget with parliament

Acting President Choi Sang-mok said Tuesday the government is prepared to discuss injecting additional budget with the National Assembly amid growing calls for an extra budget to revitalize the economy already facing headwinds.

"There are growing calls from the political sphere, local governments and the business sector for additional fiscal input to support struggling livelihoods and strengthen industrial competitiveness," Choi said during a Cabinet meeting.

Choi said the government and the parliament can discuss the issue under the fundamental principle of ensuring the most effective use of taxpayers' money.

The government has allocated 431.1 trillion won ($300.2 billion), or 75 percent of this year's total budget, to be executed in the first half of the year, citing a need to support self-employed individuals and enhance economic stability.

Despite such measures, the rival parties have called for discussions on increasing the budget in areas critical to people's livelihoods and economic recovery.

Bank of Korea (BOK) Gov. Rhee Chang-yong earlier suggested an additional budget of around 15 to 20 trillion won, citing significant downside risks to the economy. (Yonhap)