Seoul: Finance Minister Koo Yun-cheol announced that there are no ongoing discussions within the government regarding a supplementary budget, despite rumors suggesting that additional fiscal measures might be implemented to boost economic growth.

According to Yonhap News Agency, Koo addressed these speculations during a conversation with reporters at a local market visit. This comes after President Lee Jae Myung frequently emphasized the necessity of a supplementary budget to support sectors such as culture and arts and to stimulate the broader economy.

Koo explicitly stated, "As of now, there are absolutely no discussions within the government regarding a supplementary budget." This declaration aims to quell any circulating rumors about impending fiscal policies.

Additionally, Koo touched upon discussions with the United States concerning bilateral tariff issues. He mentioned that Industry Minister Kim Jung-kwan had conveyed South Korea's stance to U.S. Commerce Secretary Howard Lutnick, highlighting that certain misunderstandings had been resolved. "We explained that South Korea will pass the necessary legislation without delay and proceed step by step with the required procedures," Koo noted.

On the topic of the domestic stock market, Koo commented on Monday's decline in the Korea Composite Stock Price Index (KOSPI), attributing it to the unexpected strengthening of the U.S. dollar following the appointment of a new Federal Reserve chair. He assured that the government would "monitor the situation closely." The KOSPI experienced a significant drop of 5.26 percent, closing at 4,949.67, thereby ending a four-session streak of gains after recent rallies.