Seoul: Lim Ki-keun, the newly appointed second vice finance minister, announced plans for the government to rapidly develop an extra budget aimed at revitalizing the economy and stabilizing the livelihoods of ordinary people. Lim, who previously served as the chief of the Public Procurement Service, emphasized the urgency of preparing the supplementary budget given the challenging economic conditions.
According to Yonhap News Agency, President Lee Jae-myung has instructed the government to hasten the preparation of the extra budget. He directed relevant ministries to identify key projects that could support economic recovery and boost private consumption. Lim reiterated the importance of prioritizing projects that would provide economic stimulus while stabilizing public livelihoods.
During his presidential campaign, Lee committed to implementing a supplementary budget of at least 30 trillion won (US$22.1 billion) to invigorate the sluggish economy. Industry experts anticipate the upcoming extra budget will be at least 20 trillion won, following the National Assembly's approval of a separate 13.8 trillion-won supplementary budget bill last month.