Seoul: The government will hold an extraordinary Cabinet meeting later this week to review an extra budget proposal, the Prime Minister's Office said Wednesday. The meeting, scheduled for Friday, will review a 12 trillion-won (US$8.43 billion) budget aimed at supporting key industrial sectors amid an escalating trade war and respond to a surge in natural disasters.
According to Yonhap News Agency, the supplementary budget allocates more than 3 trillion won for natural disaster response, more than 4 trillion won to address changes in the global trade environment, and another 4 trillion won to support small businesses and vulnerable groups. The proposal must be reviewed by the Cabinet before being submitted to the National Assembly for approval.