Supplementary budget
South Korean gov't, ruling party agree on 25 trillion-won supplementary budget amid Middle East crisis
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South Korea's government, ruling Democratic Party and presidential office agreed on a 25 trillion-won supplementary budget to address the Middle East crisis. The bill is set for submission to the National Assembly by end-March and passage on April 10. It aims to ease high oil prices and economic uncertainties.
A senior Cheong Wa Dae official said the government may consider another supplementary budget in the second half if the Middle East crisis persists. Hong Ik-pyo, presidential secretary for political affairs, denied opposition claims that the pending 26.2 trillion-won extra budget seeks political leverage before June 3 local elections. He cited downgraded growth forecasts and rising fuel prices.