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Stimulus Plan Tops US$20b

THE Republic of Korea announced yesterday that it would spend 28.9 trillion won (US$20.9 billion) this year to create new jobs and shore up the economy as the country endures its worst slump in a decade.

The Ministry of Strategy and Finance said the supplementary budget "is to help ride out the economic crisis" and is more than twice the extra spending implemented during the 1997-98 Asian economic meltdown. South Korea is facing its worst downturn since then.


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