Over at the Parliament, South Korea's rival parties finally approved a long-pending extra budget bill worth roughly 5 billion U.S. dollars on Friday.<br />It's expected to help the government tackle the slowing economy... and cushion the blow of Japan's export restrictions.<br />Our political correspondent Kim Min-ji reports. <br />The National Assembly has passed a long overdue extra budget bill worth 4-point-9 billion U.S. dollars.<br />It's down from the 5-point-7 billion dollars initially proposed by the government... mainly to tackle downside economic risks and fine-dust pollution.<br />Breaking down the budget -- roughly 230 million dollars has been allocated to deal with Japan's trade curbs.<br />The majority of that amount... will be used for R&D so that South Korea's parts and materials industries can become more competitive... and localize the production of items that have been restricted by Tokyo.<br />Roughly 2 billion dollars has been set aside to boost people's livelihoods,... which includes funding to support areas hit by natural disasters.<br />More than one billion dollars was shaved from projects which the opposition claimed were vote-getting measures ahead of next year's general elections,... while the debt-funded portion of the extra budget has also been slightly cut.<br />Rival parties apologized for the long delay in the bill's passage,...saying that they hope the extra budget will help alleviate the Seoul-Tokyo trade spat,... and that it breathes fresh life into the economy.<br />The budget passed some 100 days after it was submitted to parliament.<br />The vote itself was also held a day behind schedule on partisan wrangling.<br />The main opposition party had demanded large cuts,... given that over half of the budget is to be funded through debt.<br />Nevertheless, the extra budget will likely give the government some much-needed help to face economic headwinds,... and devise contingency plans over Japan's trade retaliation.<br />During a cabinet meeting on Saturday,... Prime Minister Lee Nak-yon condemned Tokyo's export controls,... saying it will threaten the global economic system, and that South Korea must respond sternly.<br />He also vowed to implement the extra budget as soon as possible.<br />Kim Min-ji, Arirang News. <br />
