South Korea unveils $11 billion economy package

Business Materials 3 November 2008 07:12 (UTC +04:00)

South Korea unveiled on Monday an economic stimulus package worth at least 14 trillion won ($10.98 billion) to help assure a soft landing in Asia's fourth-largest economy in the face of a looming global recession, Reuters reported.

The Finance Ministry said it would expand fiscal spending by 11 trillion won in 2009 and offer additional tax cuts totaling 3 trillion won.

It also said it would sharply raise the size of bond sales to fund intervention in the foreign exchange market and offer a state guarantee on foreign-currency deposits at local financial institutions.