The ruling party and government reviewed countermeasures against economic shocks stemming from Middle East instability and discussed supplementary measures. They plan to ease the burden on citizens from surging oil prices through swift supplementary budget compilation and provide support for export companies and small business owners affected by the Middle East situation.
Rep. Yoo Dong-soo of the Democratic Party of Korea, chair of the ruling party-government Task Force on Economic Response to the Middle East Crisis, stated at the second TF meeting held at the National Assembly on the 16th, "As the public burden is growing due to high oil prices triggered by the Middle East situation, we must deploy fiscal measures to restore people's livelihoods." He added, "We will do our best to ensure the supplementary budget passes through the National Assembly quickly."
Yoo further noted, "The ruling party and government will remain vigilant until the end and prepare responsible countermeasures to wisely overcome the current economic instability stemming from the Middle East."
The meeting focused on five key response tasks: stabilizing energy supply and demand, stabilizing consumer prices, supporting Middle East export companies and small business owners, stabilizing financial markets, and compiling a supplementary budget. Senior officials from relevant ministries attended, including the Ministry of Economy and Finance, Financial Services Commission, Ministry of Climate, Energy and Environment, Office of Budget Planning, and Ministry of SMEs and Startups.
Rep. Ahn Do-geol of the Democratic Party, secretary of the TF, said, "We will discuss diversifying crude oil supply sources, supporting stable implementation of the price cap system, and providing emergency support to export companies facing liquidity difficulties." He added, "We will review emergency treasury bond issuance to stabilize bond yields, early passage of tax law amendments to stabilize the foreign exchange market, and preparation status for supplementary budget compilation."