S Korea ruling party plans 20b extra budget

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SEOUL, Mar 11 (AFP): South Korea's ruling party today proposed an extra budget of about 20 billion dollars to revive the economy, to be financed mostly through state bonds.

Grand National Party head Park Hee-Tae said his party would work on a supplementary budget of around 30 trillion won after consultations with the government.

"The foremost goal of the supplementary budget is to create more jobs ... its funding will mostly come from the issuance of state bonds," he told reporters.

He said the ruling party and the government would consider cutting real estate transaction taxes.

South Korea has already unveiled a series of stimulus measures to boost the export-dominated economy, which is on the verge of recession as orders from overseas markets dry up.

Finance Minister Yoon Jeung-Hyun has announced plans for an extra budget in addition to previous stimulus measures, but gave no indication of its size.