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Seoul to set up 50-billion-dollar fund for unifying two Koreas

November 01, 2011, 12:22 UTC+3
It is intended for rendering aid to the process of unifying the North and the South, Korean Unification Minister Yo Woo Ik, who is staying in Washington now, said
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SEOUL, November 1 (Itar-Tass) —— South Korea plans to set up a fund of 55 trillion wons (49.4 billion dollars) in the current year. It is intended for rendering aid to the process of unifying the North and the South, Korean Unification Minister Yo Woo Ik, who is staying in Washington now, said on Tuesday, the News Agency Yonhap reports.

“The governmental departments have almost agreed on this issue, and I hope that legislators will approve a corresponding bill before the end of the current year. Such a step will unite people and strengthen their striving for the unification,” the minister said. To set up the fund, according to him, funds will be provided by the government from budget allocations, as well as at the expense of private donations. The supposed size of the fund will cover only the minimal cost of two Koreas’ unification.

In August 2011, one of the scientific research institutes estimated the possible cost of the unification process of the DPRK and South Korea at 249 trillion wons (about 224 billion dollars). Touching upon the possibility of holding a summit of the incumbent leaders of two Koreas, Yo Woo Ik said that in the near future the probability of such an inter-Korean summit meeting is low. “A summit of the two Koreas’ meeting will become a very powerful and effective event. However, we don’t have a certain plan since it is difficult to forecast any tangible results at the present stage.

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