Cabinet holds emergency meeting to discuss 12 tril. won supplementary budget

Acting President Han Duck-soo chaired an emergency Cabinet meeting earlier on this Friday that approved the government's first supplementary budget in three years worth 12-point-2 TRILLION won or 8-point-4 BILLION U.S. dollars.

The extra budget will seek to address urgent national tasks including wildfire recovery disaster preparedness and trade as well as AI competitiveness.

It will also ramp up support for small businesses and vulnerable groups affected by recent economic challenges.

A total of 93 projects across 14 ministries have been selected for immediate execution of such plans this year.

To finance this newly proposed budget Seoul will tap into 2-point-9 billion U.S. dollars in reserves and raise the remaining amount by issuing bonds.

The budget will head to the National Assembly early next week for approval.