Seoul: The government has announced its plan to execute 70 percent of a newly approved 13.8 trillion-won (US$9.9 billion) extra budget within the next three months as part of efforts to stimulate the local economy and assist export companies facing challenges due to global trade uncertainties, the finance ministry revealed on Thursday.

According to Yonhap News Agency, the Ministry of Economy and Finance disclosed this strategy during a meeting of economy-related ministers, emphasizing that the rapid deployment of the budget is intended to maximize the benefits of fiscal spending. The extra budget, sanctioned by the National Assembly last week, allocates approximately 400 billion won for the distribution of local currency vouchers to aid small merchants, alongside 89.8 billion won in vouchers to support export firms struggling amid trade protectionism initiated by the U.S. administration's tariff policies.

As per the ministry's plans, companies will have access to export vouchers starting in June, while small merchants will be able to receive up to 500,000 won to help cover utility and insurance expenses in July. This strategic fiscal move aims to provide timely support to key sectors of the economy, ensuring resilience against global trade challenges.