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S. Korea approves bill to set up unification fund

Published on Aug 7, 2012 3:53 PM
 
File photo of South Korean President Lee Myung Bak speaking during the 10th anniversary commemorative ceremony of the second naval battle of Yeonpyeong at the Navy's 2nd Fleet Command in Pyeongtaek, about 70km south of Seoul on June 29, 2012. South Korea's cabinet on Tuesday endorsed a bill which sets up a special fund to cover the huge cost of potential reunification with North Korea. The bill, endorsed at a cabinet meeting chaired by President Lee, needs approval from parliament. -- PHOTO: REUTERS

SEOUL (AFP) - South Korea's cabinet on Tuesday endorsed a bill which sets up a special fund to cover the huge cost of potential reunification with North Korea.

The bill calls for dividing the existing Inter-Korean Cooperation Fund into two accounts - one for promoting cross-border cooperation and the other for covering unification costs, said the unification ministry.

The bill, endorsed at a cabinet meeting chaired by President Lee Myung Bak, needs approval from parliament.

The unification account will draw funds from government and private donations, said the ministry, which handles cross-border affairs.

 
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