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S. Korean govt to increase spending next year

(Xinhua)
Updated: 2008-11-03 13:31

SEOUL -- The South Korea government announced Monday that it will increase government 14 trillion won ($10.76 billion) in a bid to help boost the slumping economy amid the ongoing global financial turmoil.

The amount included a 10 trillion won ($7.74 billion) expansion in budget spending, tax incentives and other economic stimulus measures, according to the Finance Ministry.

The ministry added that wide range of additional economic stimulus measures will be soon officially announced.

The move was decided at a policy consultation meeting between the government and the ruling party on Sunday night.