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8mo ago

South Korea Proposes $8.6 Billion Extra Budget to Address Wildfires, Trade Tensions, and AI Development

The government urges swift parliamentary approval of the 12.2 trillion-won plan, which includes funding for disaster recovery, industry support, and small business relief.

This illustrated image depicts the Donald Trump administration's tariff policies. (Yonhap)
Acting President Han Duck-soo speaks during an extraordinary Cabinet meeting at the government complex in Seoul on April 18, 2025. (Pool photo) (Yonhap)
This illustrated image depicts the extra budget bill. (Yonhap)
This illustrated image depicts artificial intelligence chips. (Yonhap)

Overview

  • The supplementary budget allocates 3.2 trillion won for wildfire recovery and disaster prevention, including new firefighting equipment and housing for displaced residents.
  • 4.4 trillion won is designated to support exporters impacted by U.S. tariffs and to bolster advanced industries like AI and semiconductors.
  • 4.3 trillion won targets small business support and vulnerable groups, addressing financial burdens and stabilizing livelihoods.
  • The plan will be financed through 4.1 trillion won in reserves and 8.1 trillion won in government bonds, raising the national debt ratio to 48.4% of GDP.
  • Acting President Han Duck-soo has called on the National Assembly to approve the proposal quickly to avoid delays in implementing critical measures.