The National Assembly passed a 26.2 trillion won ($19.2 billion) supplementary budget on April 10 to mitigate the economic impact of the Middle East war and skyrocketing energy prices. This "emergency rescue" package, finalized just 29 days after the government began drafting it, focuses on protecting low-to-middle-income households and stabilizing the domestic market.

The centerpiece of the budget is the "High Oil Price Relief Fund." A total of 4.8 trillion won has been allocated to provide cash grants to approximately 32.56 million people—the bottom 70% of income earners. Each eligible individual will receive between 100,000 and 600,000 won depending on their income level. Despite initial political friction regarding the nature of the spending, both parties agreed on the urgency of the economic crisis.

To curb inflation, 4.2 trillion won was earmarked for the "Petroleum Price Ceiling System," which compensates oil refiners for losses incurred by government-mandated price caps. Public transportation users will also benefit; the K-Pass refund budget was increased by 100 billion won from the original proposal, leading to higher refund rates and the introduction of a new fixed-rate benefit for frequent commuters.

The budget further extends support to the industrial and agricultural sectors. It includes increased subsidies for naphtha imports and expanded fuel and fertilizer subsidies for farmers and fishermen struggling with rising operational costs. Prime Minister Kim Min-seok praised the bipartisan cooperation, stating, "The swift passage reflects a shared understanding of the severe challenges facing the public's livelihood."

[ⓒ Global Economic Times. 무단전재-재배포 금지]