Seoul: The government is preparing to unveil an additional extra budget plan valued at a minimum of 20 trillion won (approximately US$14.6 billion) aimed at boosting domestic consumption and facilitating economic recovery, officials have reported.

According to Yonhap News Agency, the Ministry of Economy and Finance is in the concluding stages of drafting this second supplementary budget plan. This proposed budget is expected to include a cash handout program intended to support citizens' livelihoods, along with measures involving local currency vouchers.

Earlier this month, President Lee Jae-myung directed the government to expedite the preparation of an extra budget to aid in revitalizing the economy. If finalized, this will be the second instance this year where the South Korean government has developed such a plan to stimulate economic growth.

Last month, the National Assembly approved a 13.8 trillion-won extra budget. This budget incorporated approximately 400 billion won for the distribution of local currency vouchers to assist small merchants and 89.8 billion won in vouchers for export firms facing challenges due to global trade protectionism influenced by the U.S. under the Donald Trump administration's tariff policies.