South Korea Adds 26.2 Trillion Won Budget to Address Middle East Crisis Effects

Seoul (ANTARA) - South Korea announced on Tuesday a draft supplementary budget bill amounting to 26.2 trillion won (approximately $17.1 billion) to address the effects of the Middle East crisis and support public welfare.

President Lee Jae Myung chaired a cabinet meeting to approve the bill, marking the second supplementary budget plan since his administration was inaugurated in June 2026.

The budget plan comprises 10.1 trillion won to alleviate the burden imposed by high oil prices on the public, 2.8 trillion won to support public welfare, 2.6 trillion won to minimise industrial damage and stabilise supply chains, 9.7 trillion won to strengthen local government finances, and 1.0 trillion won for national debt repayment.

The Ministry of Planning and Budget stated that the plan’s objectives are to stabilise public livelihoods and support affected industries, while also funding projects for transitioning to new energy industries.

The supplementary budget is primarily financed from excess tax revenues, driven by rapid growth in the semiconductor industry and the stock market.

The government plans to submit the supplementary budget bill to the National Assembly on the same day.

The ruling party and opposition party have agreed to vote on the proposal during a plenary session on 10 April.