President Lee: “Economic State of Emergency, KRW 26.2 Trillion Supplementary Budget Prepared”
NSP NEWS, By Soon-ki Lee and Soo-in Kang
ENX3, Read 0(Seoul=NSP NEWS) = The government has set out to respond to the economic downturn by formulating a supplementary budget worth KRW 26 trillion.
President Lee Jae Myung explained the basic direction and necessity of the KRW 26.2 trillion supplementary budget bill during his policy speech on the 2nd.
This supplementary budget amounts to a total of KRW 26.2 trillion and is characterized by securing funds through the use of surplus tax revenue without issuing government bonds. Accordingly, it is structured to supply liquidity to the market without increasing the burden on fiscal soundness. The key lies in mitigating the shock of high oil prices and inflation caused by the Middle East war.
President Lee Jae Myung explained the basic direction and necessity of the KRW 26.2 trillion supplementary budget bill during his policy speech on the 2nd.
This supplementary budget amounts to a total of KRW 26.2 trillion and is characterized by securing funds through the use of surplus tax revenue without issuing government bonds. Accordingly, it is structured to supply liquidity to the market without increasing the burden on fiscal soundness. The key lies in mitigating the shock of high oil prices and inflation caused by the Middle East war.
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First, more than KRW 10 trillion will be injected to alleviate the burden of high oil prices. Support payments of up to KRW 600,000 will be provided differentially to 36 million people in the bottom 70% income bracket, and support for energy vouchers and transportation costs will also be expanded.
KRW 2.8 trillion has also been allocated to measures to stabilize people's livelihoods. It includes the supply of policy funds to small business owners, support for maintaining employment, and assistance for vulnerable groups, with a focus on preventing a contraction in consumption during the crisis.
President Lee stated, “We will double the number of ‘Just Giving Centers,’ which provide basic food and daily necessities free of charge, from the existing 150 to 300 to ensure that people do not make extreme choices or fall into crime due to a lack of food.”
More than KRW 300 billion in additional policy funds will be supplied to small business owners facing management difficulties, and support for the Hope Return Package will be expanded by 8,000 cases.
In the corporate sector, policy financing will be expanded, focusing on export companies and affected industries. The plan is to alleviate the corporate liquidity crunch through measures such as the additional supply of KRW 7.1 trillion in export financing.
President Lee stated, “We will double the number of companies eligible for export voucher support to 14,000 companies and provide an additional KRW 7.1 trillion in export policy financing and KRW 280 billion in low-interest funds for the tourism industry to prevent a liquidity crunch for companies.”
In addition, approximately KRW 9.5 trillion will be invested to strengthen local finances, and the plan is designed to spread funds to the local level.
President Lee said, “We will significantly increase the supply of policy financing for the content and culture and arts industries to alleviate the suffering of the industry and provide solid support so that the creative foundation, which is the root of K-culture, does not collapse,” adding, “We will also invest KRW 700 billion to secure a stable supply base for oil and key strategic resources.”
President Lee stated, “We will double the number of ‘Just Giving Centers,’ which provide basic food and daily necessities free of charge, from the existing 150 to 300 to ensure that people do not make extreme choices or fall into crime due to a lack of food.”
More than KRW 300 billion in additional policy funds will be supplied to small business owners facing management difficulties, and support for the Hope Return Package will be expanded by 8,000 cases.
In the corporate sector, policy financing will be expanded, focusing on export companies and affected industries. The plan is to alleviate the corporate liquidity crunch through measures such as the additional supply of KRW 7.1 trillion in export financing.
President Lee stated, “We will double the number of companies eligible for export voucher support to 14,000 companies and provide an additional KRW 7.1 trillion in export policy financing and KRW 280 billion in low-interest funds for the tourism industry to prevent a liquidity crunch for companies.”
In addition, approximately KRW 9.5 trillion will be invested to strengthen local finances, and the plan is designed to spread funds to the local level.
President Lee said, “We will significantly increase the supply of policy financing for the content and culture and arts industries to alleviate the suffering of the industry and provide solid support so that the creative foundation, which is the root of K-culture, does not collapse,” adding, “We will also invest KRW 700 billion to secure a stable supply base for oil and key strategic resources.”
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