Gov't aims for approval of extra budget at Cabinet meeting next week

Hong Ihk-pyo, presidential secretary for political affairs, speaks during a press conference at Cheong Wa Dae in Seoul, Wednesday. Yonhap

The government aims to seek approval of an extra budget proposal at a Cabinet meeting next week, a senior presidential aide said Wednesday, as it steps up efforts to support small- and medium-sized firms, and vulnerable households hit by a prolonged war in the Middle East.

Hong Ihk-pyo, senior presidential secretary for political affairs, made the remarks, adding that preparations have been under way to draft the extra budget and the proposal will be reported to a Cabinet meeting as soon as it is finalized.

Still, Hong said a date on when the planned extra budget bill would be reported to a Cabinet meeting is not fixed yet.

"For now, we are aiming for a Cabinet meeting next Tuesday," Hong told reporters.

President Lee Jae Myung has urged the government to swiftly draw up a supplementary budget, focusing on measures to stabilize the domestic economy, minimize the impact on affected industries and ensure the resilience of supply chains.