Seoul: President Lee Jae Myung is set to deliver a significant budget speech on Thursday, as reported by Cheong Wa Dae on Tuesday. The government has put forth a supplementary budget proposal aimed at mitigating the economic repercussions resulting from the ongoing conflict in the Middle East.

According to Yonhap News Agency, the presidential spokesperson Kang Yu-jung announced the upcoming address through a press notice, though details regarding the venue were not disclosed. The President is expected to discuss the 26.2 trillion-won (US$17.1 billion) extra budget, which was approved by the Cabinet earlier in the day. He is likely to emphasize the need for bipartisan support to expedite the passage of the budget.

The supplementary budget is designed to address the challenges posed by rising fuel prices due to escalating tensions in the Middle East. The proposal includes provisions for cash handouts targeting approximately 70 percent of the population and focuses on three main areas: tackling high oil prices, stabilizing livelihoods, and minimizing industrial disruptions while ensuring secure supply chains.

This will be President Lee's third budget speech, following his presentations on last year's second supplementary budget in June and the 2026 budget bill in November. On Monday, there was a consensus between the ruling Democratic Party and the main opposition People Power Party to approve the extra budget bill by April 10.