The National Assembly approved the government’s additional budget bill, worth 26.2 trillion South Korean won, in a full session that took place on the 10th. This was the quickest approval of an additional budget bill in history, only 10 days after the government presented it.
On the same day, the National Assembly’s Special Committee on Budget and Accounts concluded its examination of the supplementary budget bill following sessions of its adjustment subcommittee and a full meeting. Despite last-minute discussions between the ruling and opposition parties regarding support funds for high oil price damages, they decided to keep the initial proposal of 4.8 trillion South Korean won.
High oil price support funds will distribute between 100,000 and 600,000 Korean won per person to 32.56 million people, representing the bottom 70% of income earners. The budget for the fuel price cap support remains set at 4.2 trillion Korean won, as suggested by the government.
Furthermore, 200 billion South Korean won was allocated to create subsidies tied to fuel prices for agricultural equipment, raise tax-free diesel subsidies linked to fuel costs for farmers and fishermen, reduce fuel expense pressures for coastal passenger vessels, and broaden assistance for mineral fertilizers.
This additional budget is the second one during the Lee Jae Myung administration. The initial supplementary budget, totaling 31 trillion South Korean won, was approved in a full session just 11 days after the government presented it in July of last year.
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