South Korea Approves Massive Emergency Budget

(MENAFN) South Korea’s legislature, the National Assembly of South Korea, sanctioned an additional fiscal package on Friday totaling 26.2 trillion won (approximately $17.7 billion). This financial measure aims to mitigate the economic repercussions stemming from the Middle East conflict. The approval came just ten days after the proposal was introduced by the administration, as reported by a news agency.

The extra budget proposal passed during a full parliamentary meeting with a decisive 214-11 vote, while 19 legislators chose to abstain out of 244 members in attendance. Both the governing Democratic Party of Korea and the primary opposition, the People Power Party, reached consensus to maintain the budget at the same level as originally suggested by the government.

In addition, the two major parties agreed to incorporate direct financial aid for the bottom 70% of income groups, aiming to alleviate the strain caused by increasing fuel costs. This support is intended to cushion households facing rising living expenses due to global energy market pressures.

Following the bill’s enactment, approximately 35.8 million citizens are set to receive payments ranging from 100,000 to 600,000 won, depending on their earnings and geographic location. Furthermore, an extra allocation of 200 billion won will be directed toward securing a consistent supply of naphtha, a crucial resource for major industrial sectors.

"We express our gratitude to the ruling and opposition parties for swiftly passing the bill through bipartisan cooperation that placed national interests first in the face of the crisis caused by the Middle East war," presidential spokesperson Kang Yu-jung said in a statement.

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