Seoul: The government aims to seek approval of an extra budget proposal at a Cabinet meeting next week, a senior presidential aide said Wednesday, as it steps up efforts to support small- and medium-sized firms, and vulnerable households hit by a prolonged war in the Middle East. Hong Ihk-pyo, senior presidential secretary for political affairs, made the remarks, adding that preparations have been under way to draft the extra budget and the proposal will be reported to a Cabinet meeting as soon as it is finalized.
According to Yonhap News Agency, Hong stated that a specific date for presenting the planned extra budget bill to the Cabinet has not yet been determined. "For now, we are aiming for a Cabinet meeting next Tuesday," Hong told reporters, indicating the urgency with which the government is working on this proposal.
President Lee Jae Myung has urged the government to swiftly draw up a supplementary budget, focusing on measures to stabilize the domestic economy, minimize the impact on affected industries, and ensure the resilience of supply chains. The government's initiative is seen as a critical step in addressing the economic challenges posed by the ongoing conflict in the Middle East and its repercussions on local businesses and vulnerable populations.