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South Korea parliament approves 2016 government spending plans

[SEOUL] South Korea's parliament approved early on Thursday the government's plans to boost total spending by 2.9 per cent next year to 386.4 trillion won (S$469 billion), aimed at shoring up economic momentum amid a stuttering recovery.

Spending was scaled down slightly from the government's initial proposal of 386.7 trillion won from the budget and government-owned funds, and compared with 375.4 trillion won originally approved for this year.