President Park Geun-hye has urged lawmakers to swiftly approve the administration's extra budget.
 
In an economic meeting on Tuesday, the president asked political parties to swiftly approve the budget proposal, saying that timing is vital in implementing policies.
 
Park said that the injection of an additional budget was recommended by international organizations, including the Organization for Economic Cooperation and Development, the Bank of Korea, think tanks and academics. 

She also stressed that the additional budget won't hurt the government's fiscal health, noting that the extra budget is coming from increased tax revenue and no additional government bonds will be issued.
 
The president predicted that Britain’s decision to leave the European Union will have limited impacts on the South Korean economy, given the nation’s solid economic fundamentals and relatively small volume of trade with the U.K.