The government has drawn up a supplementary budget worth eleven trillion won to help with the ongoing restructuring campaign of shipbuilding industries and the creation of jobs.
 
The government passed the extra budget plan during a Cabinet meeting on Friday and decided to submit the plan to the National Assembly next Tuesday.

In addition to the supplementary budget, the government allocated an additional 17 trillion won in public corporations' investment and policy loans to resuscitate the economy.

Second Vice Finance Minister Song Eon-seog said the extra budget was drafted to tackle worsening employment conditions amid ongoing restructuring efforts at home and growing uncertainties stemming from the Brexit.

Once it is presented to the National Assembly, the budget plan is expected to be approved during a plenary session on August 12th following deliberations by parliamentary committees.
 
The supplementary budget is composed of nine-point-eight trillion won in surplus tax revenues and one-point-two trillion won in unused budget.
 
Unlike in the past, the government will not issue national bonds to cover the extra budget, thus the budget is unlikely to become a burden on the nation’s financial soundness.
 
The government expects that the execution of the supplementary budget will raise this and next year’s economic growth rate between one-tenths and two-tenths of a percentage point and generate some 68-thousand jobs.