July 16, 2014 / 12:05 AM / in 4 years

S.Korea fin min says no supplementary budget, but will cut growth forecast

SEOUL, July 16 (Reuters) - South Korea’s finance minister Choi Kyung-hwan said on Wednesday there are no current plans for a supplementary budget but that the government would aim instead for an expansionary budget next year.

“Instead of a supplementary budget, we will aim to reinforce our financial means through a variety of ways as the current economic situation is very bad,” Choi said in a media conference after his inauguration.

Choi also said the government’s growth forecasts would be lowered but did not provide details. (Reporting by Christine Kim; Editing by Paul Tait)

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