South Korea's government said Tuesday it will soon present to parliament a supplementary budget of around 10 trillion won ($8.44 billion) as the nation grapples with weak exports, turmoil from Brexit in financial markets, and a corporate overhaul of the country's shipping and shipbuilding industries.
The funds for the extra budget will mostly use a surplus in tax revenue for the first half of the year. The finance ministry will not sell more treasury bonds to raise the funds to avoid running up additional government debt.
Lee Hoseung, director general of the economic policy bureau at the Ministry of Strategy and Finance, announced the government's policies for the second half of the year in an embargoed briefing, which included the extra budget plans.
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