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| ▲ Finance Minister Choi Sang-mok speaks during a meeting with economy-related ministers at the government complex in Seoul on April 8, 2025. (Yonhap) |
finance minister-extra budget
Gov't to announce details of 10 tln-won supplementary budget proposal next week: finance minister
By Kim Han-joo
SEOUL, April 8 (Yonhap) -- Finance Minister Choi Sang-mok said Tuesday the government will announce details of its proposed 10 trillion-won (US$6.8 billion) supplementary budget early next week.
"The specific details of the supplementary budget will be finalized after consultations with relevant ministries this week," Choi said during a meeting with economy-related ministers.
The government earlier proposed the supplementary budget, which Choi described as the minimum required to tackle the "most pressing issues," largely caused by the recent wildfires that devastated the country's southeastern regions. The proposal also came as the U.S. administration announced country-by-country reciprocal tariffs, including 25 percent duties for South Korea, which are set to go into effect this week.
It is reported that approximately 3 to 4 trillion won will be allocated to trade responses and strengthening artificial intelligence (AI) competitiveness, while another 3 to 4 trillion won will be earmarked for supporting low-income households.
"Due to the unexpected announcement of reciprocal tariffs by the United States, there are serious concerns about the impact on our industries and businesses, and the volatility in global stock markets has increased significantly, and our financial and foreign exchange markets are also being affected," Choi said.
Choi also reiterated the importance of maintaining close communication with the National Assembly, emphasizing that the country must not lose the "golden time" to protect its industries and businesses.
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