Tag: supplementary budget

supplementary budget

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Lee signals second supplementary budget as Korea seeks more GPUs for AI, security industries

The government has set a target of 260,000 GPUs over the long term and 50,000 in the near term.

2026.6.27

A theater in Yongsan District, central Seoul, on March 25. [NEWS1]

More discounted movie tickets, support measures for Korea’s culture sector as 461.4 billion won supplementary budget passes

A supplementary budget of 461.4 billion won ($310 million) has been approved for the Ministry of Culture, Sports and Tourism to minimize damage to the industry amid economic uncertainty stemming from the Iran war.

2026.4.12

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A driver refuels their vehicle at a gas station in Yongin, Gyeonggi, on March 22. [NEWS1]

DP says supplementary budget expected to be passed on April 10

The Democratic Party said Sunday it plans to pass a supplementary budget bill at a parliamentary plenary session next month, as Korea seeks to cushion the impact of the Middle East crisis.

2026.3.22

A banner promoting the use of consumer coupons hangs at Mangwon Market in Mapo District, Seoul, on Aug. 26. [YONHAP]

Vouchers for the people mean debt for local governments

As the government prepares to distribute a second round of consumption vouchers next month, local governments say they are straining to find the money to cover their share of the stimulus funds amid a fall in tax revenues.

2025.8.29

The National Assembly’s Public Administration and Security Committee holds a meeting in Yeouido, western Seoul, on April 28. [NEWS1]

Assembly committee approves $9.75B supplementary budget for consumption initiative

The National Assembly's Public Administration and Security Committee approved a supplementary budget bill totaling 13.2 trillion won ($9.75 billion) for the issuance of livelihood recovery consumption vouchers with bipartisan agreement.

2025.7.1

Koo Yun-heol, the Lee Jae Myung administration's nominee for finance minister and deputy prime minister, speaks to reporters at a press conference in the Korea Deposit Insurance Corporation building in Jung District, central Seoul, on June 29. [NEWS1]

Finance minister nominee envisions nation as 'Korea Inc.' to generate returns for public

Koo Yun-cheol, nominee for deputy prime minister and finance minister and former chief of the Office for Government Policy Coordination, said on Sunday he would push for sweeping economic reforms aimed at achieving “true growth.”

2025.6.30

Economic booster shot

People walk through the alleys of Namdaemun Market in central Seoul on June 22.

2025.6.22

President Lee Jae Myung presides over a Cabinet meeting at the presidential office in Yongsan, Seoul, on June 19, 2025. [JOINT PRESS CORPS]

Will foreigners get Korea's stimulus money? Here's what we know so far.

The Korean government is considering a $9.6 billion stimulus voucher program, but foreign residents are awaiting clarification on their eligibility.

2025.6.19

President Lee Jae Myung speaks to reporters at a press briefing on a presidential flight en route to the Group of 7 summit in Canada on June 16. [JOINT PRESS CORPS]

In shift, president appears open to income-based 'livelihood support' stimulus

President Lee Jae Myung suggested support for a hybrid approach to “livelihood support payments,” calling for universal distribution with differentiated amounts based on income — a departure from his previous advocacy for a flat-rate payout.

2025.6.17

President Lee Jae-myung, right, speaks during a Cabinet meeting at the presidential office in Yongsan District, central Seoul on June 10. [NEWS1]

Second supplementary budget to include emergency relief payments for all

The Korean government plans to distribute emergency relief payments to the entire population as part of its second supplementary budget, with an emphasis on supporting low-income households.

2025.6.16