Seoul: The government is preparing to issue the second and final round of cash handouts to citizens as part of the supplementary budget program, aiming to stimulate private consumption and revitalize the economy, as announced by the finance ministry.

According to Yonhap News Agency, the Lee Jae Myung administration has created a supplementary budget totaling 31.8 trillion won (US$22.84 billion), allocating a portion for "consumption coupons" valued at 150,000 won for each citizen residing in South Korea. By the end of August, 79.8 percent, or 16.5 trillion won, of the budget designated for cash handouts had been utilized. The government plans to distribute the second round of consumption coupons starting September 22.

The bottom 90 percent of the population by income will qualify for another round of state cash support, which is widely anticipated to be worth 100,000 won each.

Ministry official Ahn Sang-yeol emphasized the importance of timely execution of the budget, stating, "The supplementary budget can have the greatest effect when fiscal resources are timely injected into each project, including the consumption coupons. It is needed that we make all-out efforts in executing the budget in a timely manner."