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South Korea Proposes $17.3 Billion Supplementary Budget to Offset Middle East Impact
The package includes cash handouts, fuel subsidies and export financing as officials say higher oil prices are raising inflation and growth risks.
- 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.
25 Articles
25 Articles
Lee Encourages Planning Office Officials, Vows Compensation for Preparing Supplementary Budget While Bleeding from Nose; President Lee Jae-myung stated on the 1st that officials at the Ministry of Planning and Budget, who prepared the supplementary budget bill to respond to the Middle East crisis, had worked incredibly hard. On this day, President Lee posted on his old Twitter account that Planning Office officials had... nosebleed...
SOUTH KOREA PROPOSES EXTRA BUDGET OF $17.3 BILLION TO MITIGATE IMPACT FROM MIDDLE EAST CONFLICT -BUDGET MINISTRY
South Korea aims to roll out a US$17 billion "wartime" supplementary budget and expand fuel tax cuts as the war in Iran pushes up energy prices, the government said on Thursday (Mar 26)
S. Korea proposes 26.2 tril.-won extra budget to cushion impact of Middle East tensions
SEOUL - The South Korean government on Tuesday proposed a supplementary budget of 26.2 trillion won (US$17.1 billion) largely aimed at cushioning the impact of surging fuel prices amid escalating tensions in the Middle East that will include cash handouts for about 70 percent of the population.
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