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Gov't aims to submit extra budget bill to National Assembly next Tuesday

Published: 26 Mar. 2026, 15:00

Planning and Budget Minister Park Hong-keun, third from left, speaks during a consultative meeting of party and government officials at the National Assembly in Seoul on March 26 over an extra budget proposal that the government has made as part of efforts to support small- and mid-sized firms and vulnerable households hit by a prolonged war in the Middle East. [YONHAP]

The ruling Democratic Party (DP) and the government agreed to submit an extra budget bill to the National Assembly next Tuesday, the budget minister said on Thursday, in an effort to cushion vulnerable sectors from the economic impacts of a prolonged war in the Middle East.

The extra budget bill seeks to ease the burden of rising oil prices and support small- and mid-sized firms and vulnerable households affected by the prolonged war.

“We will first ease the burden on citizens caused by high oil prices and support the smooth implementation of an oil price cap system to stabilize domestic fuel prices and reduce fuel costs,” Budget Minister Park Hong-keun said during a consultative meeting between government officials and DP lawmakers at the National Assembly earlier in the day.

The government will expand assistance to support low-income households, small business owners and the youth and seek to “eliminate blind spots” in welfare services to ensure that their daily lives are not affected by high oil prices and inflation from the Middle East conflict.

It also plans to concentrate the supplementary budget on supporting companies and industries affected by the crisis by helping stabilize supply chains and pushing forward with energy transition efforts.

Planning and Budget Minister Park Hong-keun, second from right, and Han Byung-do, the floor leader of the ruling Democratic Party, center and others pose for a photo as they attend a consultative meeting of party and government officials at the National Assembly in Seoul on March 26 over an extra budget proposal that the government has made as part of efforts to support small- and mid-sized firms and vulnerable households hit by the prolonged war in the Middle East. [YONHAP]

“The main opposition People Power Party has proposed delaying a review of the extra budget until mid-April at a time when a timely response is critical, and this golden hour must not be missed,” DP floor leader Han Byung-do said amid criticism from the opposition party that the budget is intended to woo voters ahead of the June 3 local elections.

Han said the DP and the government will accelerate the review of the budget bill in the National Assembly and stressed there is “absolutely no reason for delay.”

President Lee Jae Myung earlier urged the government to swiftly draw up a supplementary budget, focusing on measures to stabilize the domestic economy, minimize the impact on affected industries and ensure the resilience of supply chains.

Yonhap