{
    "success": true,
    "data": {
        "id": 1636594,
        "msgid": "south-korea-to-roll-out-us-17-billion-wartime-budget-1774522291",
        "date": "2026-03-26 16:35:00",
        "title": "South Korea to roll out US$17 billion 'wartime' budget",
        "author": "",
        "source": "CNA",
        "tags": "East Asia ,Asia",
        "topic": "Economy",
        "summary": "South Korea is preparing to introduce a US$17 billion supplementary budget, equivalent to 25 trillion won, funded by excess tax revenue, to address the economic fallout from the prolonged Middle East conflict involving Iran. The budget will support small and mid-sized firms and vulnerable households affected by surging energy prices, alongside expanding fuel tax cuts and implementing an oil price cap system to stabilise domestic fuel costs. This response includes boosting coal and nuclear power generation to mitigate supply chain disruptions, particularly as South Korea relies heavily on imports through the Strait of Hormuz, highlighting the nation's efforts to safeguard economic stability amid global tensions.",
        "content": "<p>South Korea to roll out US$17 billion \u2018wartime\u2019 budget<\/p>\n<p>The supplementary budget, worth 25 trillion won, is in response to\nthe Middle East conflict and aims to support small and mid-sized firms\nand vulnerable households.<\/p>\n<p>SEOUL: South Korea aims to roll out a US$17 billion \u201cwartime\u201d\nsupplementary budget and expand fuel tax cuts as the war in Iran pushes\nup energy prices, the government said on Thursday (Mar 26).<\/p>\n<p>Officials aim to \u201cdraw up a supplementary budget worth 25 trillion\nwon next month - funded by excess tax revenue - in response to the\nprolonged Middle East conflict\u201d, the government said in a statement.<\/p>\n<p>Budget minister Park Hong-keun also said the bill aims to support\nsmall and mid-sized firms and vulnerable households hit by the prolonged\nwar.<\/p>\n<p>\u201cWe will first ease the burden on citizens caused by high oil prices\nand support the smooth implementation of an oil price cap system to\nstabilise domestic fuel prices and reduce fuel costs,\u201d Park said.<\/p>\n<p>Han Byung-do, the ruling Democratic Party\u2019s floor leader, said it and\nthe government would accelerate their review of the budget bill in the\nNational Assembly, stressing there was \u201cno reason for any delay\u201d.<\/p>\n<p>President Lee Jae Myung earlier urged the government to prepare a\nsupplementary budget aimed at steadying the economy, supporting impacted\nindustries and strengthening supply chain resilience.<\/p>\n<p>Much of South Korea\u2019s imports pass through the Strait of Hormuz, a\ncritical shipping route that has been effectively shut by Iran since the\nUS and Israel began attacking the country on Feb 28.<\/p>\n<p>South Korea\u2019s ruling party said last week officials would lift a cap\non coal-powered generation capacity set at 80 per cent and boost the use\nof nuclear power to about the same level.<\/p>\n<p>The disruption along the key oil route has sent prices soaring and\nprompted Seoul to impose a fuel price cap for the first time in nearly\n30 years.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/south-korea-to-roll-out-us-17-billion-wartime-budget-1774522291",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}