Seoul: The ruling Democratic Party (DP) and the government have announced plans to submit an extra budget bill to the National Assembly next Tuesday. This initiative aims to mitigate the economic challenges faced by vulnerable sectors due to the ongoing conflict in the Middle East.

According to Yonhap News Agency, the extra budget bill, scheduled for submission on March 31, is designed to alleviate the pressures of rising oil prices and extend support to small and midsized firms, as well as vulnerable households affected by the prolonged war. Budget Minister Park Hong-keun emphasized the government's commitment to easing citizens' burdens caused by high oil prices. The government plans to implement an oil price cap system to stabilize domestic fuel prices and reduce fuel costs.

In addition, the government intends to expand support for low-income households, small business owners, and the youth, ensuring that welfare services are accessible to those impacted by high oil prices and inflation resulting from the Middle East conflict. The supplementary budget will also focus on aiding companies and industries by stabilizing supply chains and advancing energy transition efforts.

The DP faces opposition from the main opposition People Power Party, which has suggested delaying the budget review until mid-April. DP floor leader Han Byung-do criticized this proposal, emphasizing that a timely response is crucial. He stated that the DP and the government will expedite the review process in the National Assembly, arguing there is "absolutely no reason for delay."

President Lee Jae Myung has previously called for a swift development of a supplementary budget, highlighting the need for measures that stabilize the domestic economy, minimize impacts on affected industries, and ensure supply chain resilience.