Overview

• The second supplementary budget will be presented at a cabinet meeting on Thursday after a 13.8 trillion won extra budget passed in May.
• Officials say the plan will include funding to support households’ livelihoods and bolster consumer spending.
• President Lee Jae-myung has advocated aggressive fiscal measures and one-off cash handouts to counter sluggish domestic demand.
• The package extends oil tax breaks until the end of August and earmarks funds for import quota increases and price relief for staple foods.
• The move follows a central bank forecast cut to 0.8 percent growth and a dip in consumer inflation to a five-month low of 1.9 percent in May.