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S Korea President: Economy in "Wartime Livelihood" State, Urges Swift Passage of Supplementary Budget
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According to Yonhap News Agency, South Korean President Lee Jae-myung said in a policy address at the National Assembly today (2nd) that in response to the impact of the Middle East conflict, the government views the current situation as a "wartime livelihood economy" state and is making all-out efforts to overcome the crisis. He urged the National Assembly to swiftly process a supplementary budget totaling about KRW26.2 trillion (approximately USD17.287 billion). Lee stated that uncertainties in the Middle East situation have negatively affected the national economy. The Kospi index had previously surpassed the 5,000-point mark, with strong performances in sectors such as semiconductors and shipbuilding, offering the economy a takeoff opportunity. However, the country is now facing an unexpected compound crisis. He noted that disruptions in oil supply have led to sharp increases in gasoline and diesel prices, while supplies of raw materials such as naphtha and urea have tightened, broadly impacting the livelihood economy. All government departments, including the presidential office, have activated an "emergency economic response system" and adopted various measures, including implementing caps on oil prices, strengthening management of naphtha and urea supplies, increasing financial support for affected enterprises, and securing alternative supply sources. He said that, in order not to miss the "golden time" for economic recovery, the government has drawn up the supplementary budget based on the principle of better protecting vulnerable groups. He emphasized that the current supplementary budget will not require additional government bond issuance, as it will be funded by excess tax revenues and funds generated from the stock market bull run and the semiconductor boom, amounting to KRW25.2 trillion and KRW1 trillion, respectively. (ss/da) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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