Finance Minister Yoo Il-ho on Wednesday said the National Assembly must speed up deliberation to pass the extra budget plan, adding that the fund must be distributed as soon as possible to effectively revitalize the national economy.

Political parties, including the ruling Saenuri Party and the main opposition Minjoo Party of Korea, failed to put the extra budget bill of 11 trillion won ($9.82 billion) to a vote by Monday's deadline.

Yoo said the parties must promptly pass the bill, noting that the deadline has already passed.

South Korea's top economic policymaker said time is of the essence because the government will only be able to set into motion various projects to help the economy if the extra budget is approved. He said revitalization efforts must be implemented before Chuseok.

Chuseok is the fall harvest holiday that falls in mid-September this year. It is one of the biggest holidays in South Korea.

Considering the budget plan for 2017, Yoo said the government aims to put priorities on generating jobs and revitalizing the national economy.

"Following the increase of tax revenue, the conditions for financial balance and national debts will be improved," Yoo said.

"In terms of expenditures, we plan to invest more in creating jobs, overcoming the low-birth trend and bolstering cultural industries." (Yonhap)