President Lee to Explain 26 Trillion Won Supplementary Budget in Policy Speech on 2nd

Kang Yu-jeong, spokesperson for the Blue House, announced on the 31st that President Lee Jae-myung plans to request parliamentary approval for a supplementary budget worth 26.2 trillion won through a policy speech on the 2nd. The speech aims to address economic uncertainty stemming from the Middle East war. The specific location and time of the policy speech have not been disclosed.

The government prepared this supplementary budget considering the growing economic uncertainty due to military tensions in the Middle East. The budget allocates 10.1 trillion won to alleviate the burden of high oil prices, 2.8 trillion won to support low-income households, small business owners, vulnerable workers, and youth, 2.6 trillion won for energy transition, new industries, and supply chain stabilization, and 9.7 trillion won to expand local government investment capacity.

President Lee Jae-myung presided over a cabinet meeting at the Blue House on the 31st, deliberating and approving the 26.2 trillion won supplementary budget. The President reiterated the need for swift parliamentary approval of the budget.