The South Korean government on Sunday proposed a supplementary budget of at least 10 trillion von (US $ 6.8 billion) to support political uncertainties and disastrous forest fire affected economy.
According to the Ministry of Economy and Finance, supplementary budget will be spent to respond to disasters and accidents, strengthen business and Artificial Intelligence (AI) capabilities and provide financial assistance for people’s livelihood.
The most destructive forest fire in the country has almost been controlled, but it has burnt about 48,000 hectares of land, which is equivalent to more than 2,600 football grounds. At least 30 people have died due to wildfire in the southeastern areas of the country.
Choi, working as Deputy Prime Minister for the economy, said, “Apart from the efforts of recovery of forest fire, the government needs to impose money to deal with the uncertainties arising out of the Donald Trump administration’s large tariffs and compete for leadership in the rapidly changing AI industry."Text-Align: justify;"> Political uncertainty for the economy remains a major uncertainty for the economy after President Yun Suk Yol on 3 December last.
According to the report, the minister said that if the ruling and opposition parties provide bipartisan support for the scheme, the government will prepare a detailed supplementary budget plan and will submit it to the National Assembly before the end of next month.
Choi said, "Given the urgency of the efforts to deal with the damage caused by wildfire, responding to external challenges and stabilizing people’s livelihood, it is very important to pass the supplementary budget within April (for both parties)."
