S. Korea approves bill to set up unification fund
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.