Seoul: President Lee Jae Myung has called for the rapid implementation of a 31.8 trillion-won (US$23.3 billion) extra budget to invigorate the sluggish economy, amidst prevailing economic difficulties. During a Cabinet meeting that he led, President Lee emphasized the urgency of executing the budget, which surpasses the government's initial proposal of 30.5 trillion won, following its passage by the National Assembly.
According to Yonhap News Agency, Lee highlighted the critical nature of the supplementary budget, describing it as a necessary measure due to the challenging national economic circumstances. He urged all ministries to expedite the execution process to ensure the budget serves as an effective catalyst for improving citizens' livelihoods.
A significant portion of the budget, amounting to 12.1 trillion won, is earmarked for consumption coupons designed to stimulate domestic demand. The distribution of these coupons will vary based on income levels, with residents in the Seoul metropolitan area receiving between 150,000 and 500,000 won, those in non-metropolitan areas between 180,000 and 530,000 won, and residents in rural and fishing villages between 200,000 and 550,000 won.
The government intends to complete the initial distribution to all citizens by the end of this month. Additionally, an extra 100,000 won will be provided to the bottom 90 percent of income earners within two months, as part of efforts to further bolster economic recovery.