The Democratic Party of Korea announced it will expedite deliberation of a supplementary budget bill in response to the Middle East crisis.
"The Democratic Party will swiftly deliberate and approve the supplementary budget as soon as the government submits it to protect our economy and citizens," floor leader Han Byung-do said at a supreme council meeting on the 11th.
Han explained that the Middle East situation meets the legal requirements for a supplementary budget. "Under the National Finance Act, a supplementary budget can be formulated when significant changes in domestic or external conditions, such as an economic recession, have occurred or are likely to occur," he said. "This is a grave situation where concerns over a prolonged Middle East crisis are raising the possibility of a global economic downturn."
"I share and welcome President Lee Jae-myung's emphasis on the need for preemptive and proactive fiscal policy," Han added. "Surging international oil prices pass through to production and transportation costs, driving up prices of essential goods for ordinary citizens, including food and manufactured products."
"Small business owners, the self-employed, farmers, fishermen, truckers, and vulnerable groups are expected to be directly affected by rising oil prices," he said. "A timely supplementary budget must be formulated to stabilize the livelihoods of ordinary citizens early and support small businesses and struggling companies."