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South Korea Proposes $17.3 Billion Supplementary Budget to Offset Middle East Impact
The plan includes 10.1 trillion won for high oil prices and 4.8 trillion won in vouchers for the bottom 70% of earners.
- On Tuesday, President Lee Jae Myung's administration proposed a 26.2 trillion won supplementary budget to support consumers and companies affected by Middle East tensions and rising energy costs.
- Asia's fourth-largest economy imports 94% of its energy, with 72% of crude oil sourced from the Middle East. The U.S.-Israeli war on Iran sparked oil price surges, creating supply crunches and raising growth and inflation risks.
- About 10.1 trillion won targets oil price relief, while 4.8 trillion won funds consumer vouchers for the bottom 70% of earners. These allocations directly address livelihood hardships and company losses from the conflict.
- Financed by 25.2 trillion won in excess tax revenue from semiconductor and stock market gains, the plan avoids additional bond issuance. The ruling Democratic Party and opposition People Power Party agreed to pass the bill by April 10.
- Budget Minister Park Hong-keun will deliver a speech on Thursday, followed by parliamentary deliberations on April 7 and 8. Park stated that "swift fiscal support is necessary" to sustain economic recovery amid deepening difficulties.
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70 percent of crude oil, two thirds of the helium – South Korea's dependence on the Gulf region becomes a systemic threat. President Lee Jae-myung goes through – with calls, controls and first export bans.
·Düsseldorf, Germany
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During his policy speech at the National Assembly on the 2nd, President Lee Jae-myung explained the 26.2 trillion won supplementary budget bill, stating, “Today marks the 34th day since the war in the Middle East began, but it is unclear when this situation, which is assessed as the worst energy security threat, will end.” He urged the National Assembly to expedite the processing of the supplementary budget bill, noting that “the longer preempti…
Coverage Details
Total News Sources35
Leaning Left4Leaning Right8Center8Last UpdatedBias Distribution40% Center, 40% Right
Bias Distribution
- 40% of the sources are Center, 40% of the sources lean Right
40% Right
L 20%
C 40%
R 40%
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