The government will execute 85 percent of its supplementary budget within the first half of this year, in an effort to help boost consumer spending and revitalize the economy as the Middle East crisis continues to weigh on energy costs and supply chains. Government officials and members of the ruling Democratic Party of Korea announced Monday that they are pushing to front-load spending and roll out relief measures for households. As part of the scheme, the government will accelerate the execution of a 26.2 trillion won ($17.7 billion) supplementary budget passed earlier this month, in order to deliver support quickly to households and businesses. “The supplementary budget must be implemented swiftly to ensure it reaches those who need it without delay,” said Rep. Ahn Do-geol, a senior lawmaker involved in the discussions. Alongside the spending plan, officials are also preparing to lower vehicle insurance premiums, citing reduced driving under emergency traffic restrictions. As the energy supply has become unstable, the government implemented a two-day vehicle rotation system for th
Gov’t to spend 85% of supplementary budget by June
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