Seoul: The government announced on Tuesday its intention to swiftly execute its budget before preparing a supplementary budget aimed at supporting livelihoods and mitigating the impact of the ongoing Middle East crisis.
According to Yonhap News Agency, the plan was deliberated during a fiscal execution review meeting led by acting Budget Minister Lim Ki-geun. The meeting focused on evaluating budget implementation across various sectors in response to the challenges posed by the situation in the Middle East.
"The situation in the Middle East has persisted for more than three weeks and is placing a significant burden on our economy," Minister Lim stated, emphasizing the need for close monitoring and thorough execution of the relevant budget.
Minister Lim further noted that the government would expedite spending to minimize the adverse effects on low-income and vulnerable groups, as well as on export firms, before finalizing the supplementary budget. As part of these efforts, the government had already executed 129.7 billion won (US$86.6 million) in energy vouchers by last Tuesday to alleviate fuel cost pressures on vulnerable groups.
Additionally, the government provided 43.5 billion won in emergency management stabilization guarantees and 94.2 billion won in emergency management funds for companies impacted directly and indirectly by the Middle East crisis. The ruling Democratic Party aims to pass the supplementary budget bill at a parliamentary plenary session next month, following a directive from President Lee Jae Myung to swiftly prepare measures to address the economic consequences of the crisis.