Seoul: The government will expedite the implementation of 25 trillion won (US$17.5 billion) in policy financing for export companies, following the anticipated approval of an additional budget bill by the National Assembly, the finance ministry announced Thursday.

According to Yonhap News Agency, during a comprehensive government meeting on trade issues, the Ministry of Economy and Finance urged related agencies to prepare thoroughly for the execution of the extra budget bill, which is expected to be approved by the Assembly later in the day. Earlier, competing political parties reached an agreement to pass a 13.8 trillion-won extra budget aimed at boosting the economy and aiding disaster response efforts.

With the proposed budget, the government intends to offer approximately 25 trillion won in liquidity support to local companies affected by U.S. tariffs. As part of this plan, the state-run Export-Import Bank of Korea will provide 10 trillion won in trade financing to local exporters. Additionally, the Korea Trade Insurance Corp. will extend 2.4 trillion won in special trade insurance to small and medium-sized enterprises (SMEs), as stated by the ministry.

The ministry also conveyed that the government will persist in evaluating trade risks that impact local industries and work towards stabilizing supply chains. Furthermore, the government will formulate additional support measures for SMEs that are susceptible to uncertainties in the global trade market and will announce these measures soon.