Seoul: The finance ministry held a meeting Thursday to discuss drafting a second supplementary budget bill with an aim to boost the local economy, officials said, following President Lee Jae-myung's call for economic recovery efforts. The Ministry of Economy and Finance convened the meeting earlier in the day as a follow-up to the emergency government task force (TF) meeting held the previous day to address economic challenges.

According to Yonhap News Agency, during the TF meeting, President Lee asked government officials detailed questions regarding the government's fiscal capacity for an extra budget and the immediate economic stimulus effects it would generate, as stated by presidential spokeswoman Kang Yu-jung. Lee, during his election campaign, had promised to introduce an additional extra budget of at least 30 trillion won (US$22.1 billion) to revitalize South Korea's sluggish economy and improve people's livelihoods.

Last month, the National Assembly approved a 13.8 trillion-won extra budget bill aimed at boosting the local economy and supporting export companies amid global trade uncertainties.