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South Korea proposes $17.3 billion extra budget to mitigate Middle East shock
- On Tuesday, President Lee Jae Myung's administration proposed a 26.2 trillion won supplementary budget to support consumers and companies affected by Middle East tensions and rising energy costs.
- Asia's fourth-largest economy imports 94% of its energy, with 72% of crude oil sourced from the Middle East. The U.S.-Israeli war on Iran sparked oil price surges, creating supply crunches and raising growth and inflation risks.
- About 10.1 trillion won targets oil price relief, while 4.8 trillion won funds consumer vouchers for the bottom 70% of earners. These allocations directly address livelihood hardships and company losses from the conflict.
- Financed by 25.2 trillion won in excess tax revenue from semiconductor and stock market gains, the plan avoids additional bond issuance. The ruling Democratic Party and opposition People Power Party agreed to pass the bill by April 10.
- Budget Minister Park Hong-keun will deliver a speech on Thursday, followed by parliamentary deliberations on April 7 and 8. Park stated that "swift fiscal support is necessary" to sustain economic recovery amid deepening difficulties.
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14 Articles
14 Articles
Gov't approves $17 bil. supplementary budget amid Middle East crisis
The Lee Jae Myung administration proposed a 26.2 trillion won ($17 billion) supplementary budget, Tuesday, aimed at cushioning the impact of Middle East tensions on the domestic economy and people’s livelihoods. Approved at a Cabinet meeting, the plan focuses mainly on easing high oil price pressures, supporting vulnerable households, limiting industrial fallout and stabilizing supply chains. The bill was submitted to the National Assembly the s…
·Korea (the Republic of)
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Total News Sources14
Leaning Left3Leaning Right1Center5Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 33%
C 56%
11%
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