President Moon Jae-in (fourth from left) hosts a Cabinet meeting and proposes the government’s new budget for 2019, at Cheong Wa Dae on Aug. 28. (Cheong Wa Dae)
By Kim Young Shin
The government held a Cabinet meeting with President Moon Jae-in presiding at Cheong Wa Dae on Aug. 28 and finalized their proposal for the 2019 budget.
The proposed budget covers KRW 470.5 trillion this year, a 9.7 percent increase from 2018. It focuses on creating decent jobs, increasing economic vitality, strengthening the social safety net, improving quality of life, and ensuring everyday safety across the country.
“Thanks to the increased national tax income, the administration plans to take advantage of these fine financial conditions to solve the urgent systematic problem of unemployment, polarization and the low birth rate,” said Cheong Wa Dae.
The budget is being submitted to the National Assembly on Aug. 31 for approval.
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