Seoul: The South Korean government is preparing to unveil an additional extra budget bill valued at a minimum of 20 trillion won (US$14.6 billion) aimed at boosting domestic consumption and supporting the nation's economic recovery. Officials have indicated that the announcement is expected in the near future.
According to Bahrain News Agency, the Ministry of Economy and Finance of South Korea is in the final stages of drafting this second supplementary budget plan. The proposed budget is anticipated to feature a cash handout program designed to aid citizens' livelihoods, as well as measures that will utilize local currency vouchers as a form of support.
Earlier this month, President Lee Jae-myung directed the government to expedite the preparation of an extra budget to stimulate economic revitalization. If finalized, this will be the second supplementary budget introduced by the South Korean government this year with the objective of bolstering economic growth.
In a related development, last month the National Assembly approved a 13.8 trillion-won supplementary budget. This budget included around 400 billion won earmarked for the issuance of local currency vouchers to assist small merchants, alongside 89.8 billion won allocated for vouchers to aid export-focused companies grappling with global trade protectionism and recent tariff measures.