South Korean parliament approves 2020 government budget

FILE PHOTO: South Korean President Moon Jae-in delivers his speech on the government's 2019 budget proposal during a plenary session at the National Assembly in Seoul, South Korea, November 1, 2018. REUTERS/Kim Hong-Ji/Pool

SEOUL (Reuters) - South Korea’s parliament on Tuesday approved next year’s government budget worth 512.3 trillion won ($434.40 billion), sharply raised from this year to support the faltering economy and expand welfare spending.

It marked a 9.1% increase from this year’s budget of 469.6 trillion won when excluding a 5.83 trillion won extra spending bill adopted later in the year, although scaled down from the government’s proposal for 513.5 trillion won.

South Korea’s fiscal year starts on Jan. 1.

Reporting by Choonsik Yoo; Editing by Andrew Heavens