Government and Ruling Party Consult on 25 Trillion Won Supplementary Budget for Middle East Crisis Response

The Democratic Party of Korea and the government will hold a consultation meeting on the 26th to discuss a 25 trillion won supplementary budget aimed at responding to the Middle East crisis. This budget proposal is designed to reduce logistics and fuel costs, stabilize livelihoods for small business owners, farmers, and fishermen, and support affected export companies.

The supplementary budget will be financed through additional tax revenue without issuing national bonds, with a principle of direct and differentiated support. This policy aims to secure funds without incurring significant debt, considering national fiscal soundness, and to prevent any impact on the interest rate market.

The ruling party and government plan to submit the supplementary budget proposal to the National Assembly for approval after a Cabinet meeting on the 31st. Democratic Party Floor Leader Moon Geum-ju stated on the 24th that an agreement on the plenary session schedule with the People Power Party has not yet been reached. Moon emphasized the need for swift processing of the supplementary budget, but indicated that schedule coordination is still pending.