Seoul: The ruling Democratic Party (DP) and the government have reached an agreement to implement support measures for small and medium-sized enterprises (SMEs) and micro business owners affected by escalating oil prices due to the intensifying conflict in the Middle East. This decision was made during a meeting attended by DP lawmakers and Financial Services Commission (FSC) officials, as the government prepares a supplementary budget to address the economic repercussions of the ongoing crisis.

According to Yonhap News Agency, discussions during the meeting also included plans to provide financial support to the state-run Industrial Bank of Korea (IBK). The aim is to assist in reducing borrowing costs for SMEs and mom-and-pop stores, as highlighted by DP Representative Kim Nam-geun during a briefing. The FSC Chairman, Lee Eog-weon, emphasized the government's intention to incorporate programs in the supplementary budget that will mitigate the financial burdens faced by companies and small merchants impacted by the Middle East crisis.

Furthermore, the DP and the government have agreed to finalize and submit this year's first supplementary budget bill to the National Assembly by the end of the month. The coordinated efforts underscore the commitment to provide timely relief to the affected sectors of the economy.