Vice finance minister urges National Assembly to swiftly approve 3 rd extra budget SEJONG , June 9 ( Yonhap ) -- Vice Finance Minister An Il - whan called Tuesday for the National Assembly to swiftly approve the third extra budget to help revive an economic recovery as the coronavirus pandemic resulted in contractions across industrial sectors . Last week , South Korea proposed its third extra budget worth 35 . 3 trillion won ( US $ 29 billion ) meant to help key industries cushion the economic blow from the coronavirus pandemic and protect jobs . " The effectiveness of this extra budget depends on its speed and timing , " An told a meeting with senior ministry officials . If approved , South Korea will spend more than 75 percent of the budget within three months , An said . Vice Finance Minister An Il - whan speaks at a meeting with senior ministry officials on June 9 , 2020 , in this photo provided by the ministry . ( PHOTO NOT FOR SALE ) ( Yonhap ) South Korea ' s economy contracted 1 . 3 percent in the January - March period from the previous quarter , compared with a 1 . 4 percent contraction estimated in April , according to the Bank of Korea ( BOK ) . The first - quarter contraction is the worst quarterly drop since the final quarter of 2008 , when it shrank by 3 . 3 percent . South Korea ' s export - reliant economy is expected to suffer a bigger setback from the pandemic as the novel coronavirus disrupted global businesses and ravaged consumer demand . kdh @ yna . co . kr ( END )