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Gov't agencies request 6.8 pct budget increase for 2019

2018/06/14 10:12

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SEJONG, June 14 (Yonhap) -- South Korea's government ministries and agencies have requested a 6.8 percent hike in their budgets for next year as they want to spend more on welfare, education and defense, the finance ministry said Thursday.

Ministries and state agencies have asked the government to set aside a combined 458.1 trillion won (US$423 billion) for next yearmfja rm qnqnsr, up 29.3 trillion won from this year's budget of 428.8 trillion won, according to the ministry.

The rate of increase is the biggest since 2012, when the comparable figure was 7.6 percent, it added.

Social welfare-related requests mark a 6.3 percent on-year increase to 153.7 trillion won, as the government should pay more to basic livelihood security recipients. Demand for education is up 11.2 percent to 71.3 trillion won.

The request for defense spending represents a solid 8.4 percent gain to 46.8 trillion won, with research and development moving up 2.3 percent. There is also a 4.7 percent rise in the requested budget to improve the country's ability to cope with natural disasters.

The budget request for social overhead capital, however, has plunged 10.8 percent to 16.9 trillion won, with that to be used in the environmental sector being cut by 3.9 percent.

Based on the requests submitted, the finance ministry will have consultations with all interested parties in the months to come before determining its final budget proposal. The ministry will then submit the proposal to the National Assembly for approval by Sept. 2.

sam@yna.co.kr

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