South Korea says to spend 70pc of extra budget within two months

SEOUL: South Korea's vice finance minister said on Monday the government would spend over 70 percent of its approved supplementary budget in the coming two months to ease high youth unemployment.

The country's parliament passed an extra budget bill worth of 3.83 trillion Korean won ($3.53 billion), proposed by the government in April, in a plenary session on Monday.

"I'm sure (the extra budget) will be a great help to cut high youth unemployment," said Kim Yong-jin at a Monday's meeting in Seoul, adding that 70 percent of the budget will be spent within two months.

He expects the total amount to spent by the end of this year.