South Korea needs extra budget -fin min designate

Published: 05 Feb 2009 23:33:08 PST

SEOUL, Feb 6 - South Korea will probably draw up a supplementary budget this year to counter the deepening economic downturn in the face of a global recession, the country's finance minister designate said on Friday.

"I agree in principle to the need for a supplementary budget plan," Yoon Jeung-hyun, who is due to replace Kang Man-soo as the country's Minister of Strategy and Finance, said in response to a question from a lawmaker during a parliamentary session. It was not clear if he was referring to an extra budget bill aimed at making up for falling tax revenue or expanding spending.