[THE INVESTOR] Finance Minister Yoo Il-ho said Aug. 24 the National Assembly must speed through deliberation and pass a plan for additional budget, adding the fund should be distributed with haste to effectively bolster the national economy.

Political parties, including the ruling Saenuri Party and main opposition The Minjoo Party of Korea, failed to put the extra budget bill of 11 trillion won (US$9.82 billion) to a vote by Monday’s deadline.

Yoo said the parties must promptly pass the bill, noting the deadline has already passed.

South Korea’s top economic policymaker said time is of the essence because the government will only be able to set into motion various projects to help the economy if it is approved. He said revitalization efforts must be implemented before the Chuseok holiday.

Chuseok is the fall harvest holiday in Korea and falls in mid-September this year. It is one of the biggest holidays in South Korea.

Considering the budget plan for 2017, Yoo said the government aims to put priority on generating jobs and revitalizing the national economy.

(theinvestor@heraldcorp.com)