Gov’t to soon unveil additional extra budget plan to support economy

The government soon plans to announce an additional extra budget bill worth at least 20 trillion won (US$14.6 billion) to spur domestic consumption and support the economic recovery, officials said Sunday.

The Ministry of Economy and Finance was in the final stages of drafting the second supplementary budget plan, according to the officials familiar with the matter.

The envisioned budget will likely include a cash handout program to support the livelihoods of the people, along with support measures utilizing local currency vouchers.

Earlier this month, President Lee Jae-myung instructed the government to swiftly prepare an extra budget to help revitalize the economy.

If finalized, it will mark the second time the South Korean government has drawn up such a plan this year to prop up economic growth.

Last month, the National Assembly passed a 13.8 trillion-won extra budget, which included some 400 billion won for the issuance of local currency vouchers to help small merchants and 89.8 billion won worth of vouchers for export firms struggling amid global trade protectionism sparked by the U.S. Donald Trump administration’s tariff scheme.