Proposal will tap pension and state funds to stimulate growth Seoul's plans for a massive economic stimulus package have come under fierce political and media attack even before details of the pump-priming measures have been fully revealed. The government is scheduled to make public the details of its ambitious proposal next month, but early reports suggest the 'Korean-style New Deal' would inject about US$9 billion into the economy. Intended for introduction next year, the plan is a bid to combat the prolonged slump in domestic demand and the threat to exports caused by the rising value of the South Korean currency But the Conservative opposition Grand National Party has fiercely attacked the proposals, saying they would impose a burden on future generations. 'The government will be judged by history for this wrong policy designed to temporarily boost the economy but has the next generation end up paying for our debts,' Lee Hahn-koo, of the GNP, said. Named after the pump-priming measures introduced in the 1930s to get America out of recession, the government plan is to bring forward next year's spending into the first six months. Using money raised from pension and other state funds, as well as private equity funds, it hopes to create 400,000 jobs by financing large infrastructure and capital projects. Two trillion won ($14.2 billion) has been allocated for the technology sector alone, with proposals ranging from replacing tens of thousands of computers in public institutions to promoting telecommunications and information services. 'If a short-term economic recovery plan and the New Deal policy are implemented together, we can be assured of our economy's prospects after three years,' Prime Minister Lee Hae-chan has said The government's expansionary measures are designed to help meet its 5 per cent target growth rate, but in recent months analysts have been cutting the growth forecast. While economists generally agree on the need for economy-boosting measures, there has been some scepticism about the financing for its plans. 'It is unnecessarily complicated to use money from the state pension fund and this may cause even more problems with implementing its policies. People are very wary about the use of their hard-saved money for political ends,' economist Oh Suk-tae of Citicorp said. 'The government could have considered issuing bonds or even cutting taxes to increase spending.'