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4d ago

Acting President Urges Swift Approval of $8.55 Billion Emergency Budget

Han Duck-soo delivers first budget address by an acting South Korean leader since 1979, emphasizing urgency for disaster recovery, economic support, and trade diplomacy.

Acting President Han Duck-soo delivers a budget speech before the National Assembly at the parliamentary building in Seoul on April 24, 2025. (Yonhap)

Overview

  • The South Korean government has proposed a 12.2 trillion won ($8.55 billion) supplementary budget to address wildfire recovery, economic challenges, and trade tensions.
  • Acting President Han Duck-soo appealed to the National Assembly for swift approval, highlighting the critical need for timely financial intervention.
  • Key allocations include 3.2 trillion won for disaster recovery, such as housing for wildfire victims and AI-powered surveillance technology.
  • 4.4 trillion won is designated for bolstering AI, semiconductor, and advanced industries, with additional support for businesses affected by U.S. tariffs.
  • The proposal coincides with '2+2' trade consultations in Washington, aimed at securing agreements on trade balance, shipbuilding, and LNG.