Updated : 2026-03-31 22:15:32 KST
Also today, the government submitted a supplementary budget request to the National Assembly, aimed at cushioning the economic shock from the Middle East crisis. Lawmakers have agreed to process the bill by April 10, but they have sharp differences on the proposal. For more, our political correspondent Moon Hye-ryeon joins us in the studio. Welcome, Hye-ryeon. Good evening, Dami. So let's start with the basics — what's in this supplementary budget?
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This is an emergency spending package worth around 26-point-2 trillion Korean won — around 17 billion U.S. dollars approved at a Cabinet meeting earlier today and submitted to the National Assembly later in the day. A key feature is direct financial support, with more than three billion dollars allocated to provide cash-like payments to roughly 35-point-8 million people, or the bottom 70 percent of income earners.
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Depending on the income level and region, individuals will receive between 65 and 390 dollars each, in what the government describes as compensation for high energy costs. There's also more than three billion dollars set aside to ease energy burdens — including support for a fuel price cap system, transportation costs, and expanded energy vouchers — along with measures to stabilize key supply chains such as for naphtha and other critical resources.
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Beyond immediate relief, the budget includes support for small businesses, young people, and local economies, as well as investment in renewable energy and public transportation incentives. Officials say the package is also aimed at boosting growth, with an estimated point-two percentage point increase in GDP. Importantly, the government says the plan will be funded through higher-than-expected tax revenue, meaning no additional government bond issuances.
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Now, despite agreeing on a timeline, the ruling and opposition parties are still clashing. What's driving that divide? The biggest fault line is over speed versus scrutiny. The ruling Democratic Party argues this is a crisis moment that requires immediate action, framing the budget as what it calls a "wartime-level" response. "This supplementary budget is an emergency lifeline to save vulnerable groups and companies hit directly by high oil prices and exchange rates.
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Every day of delay means more people will suffer." On the other hand, the main opposition People Power Party is warning against rushing the process. They're calling for a more thorough review to prevent what they see as excessive or politically motivated spending, especially ahead of local elections. Still, there are also calls for cooperation — floor leader Song Eon-seog proposed a bipartisan emergency roundtable, saying he hopes politics can be set aside.
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"I propose an emergency bipartisan-government roundtable to review exchange rates, prices and oil costs, and I hope both sides can set aside political disputes to work together for people's livelihoods." There's also disagreement over how that support should be delivered. The DP is pushing for broader stimulus measures, including local currency vouchers and direct support payments to boost domestic consumption and help struggling households.
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They argue this will revive local economies and provide immediate relief. But the PPP strongly opposes what it calls "cash handouts," instead advocating for more targeted support — like fuel tax cuts and assistance focused specifically on energy-vulnerable groups. They're concerned that indiscriminate spending could worsen inflation or fiscal conditions. So even though both sides agree on the need for a budget, how that money is spent remains a major sticking point.
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sticking point (논의의 진행을 막는) 난제
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Finally, walk us through what happens next in the National Assembly. With the bill now submitted, the review process begins in earnest. President Lee Jae Myung is set to deliver a policy speech on April 2, followed by government interpellation sessions on April 3, 6, and 13. The budget will then go through detailed scrutiny at the National Assembly's Special Committee on Budget and Accounts on April 7 and 8.
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interpellation session 대정부 질문
interpellation [ìntərpəléiʃən,intə́:r-](의회에서 장관에 대한) 질문, 설명 요구
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Lawmakers have agreed to put it to a vote in a plenary session on April 10, but given the deep divisions over both the scale and structure of the spending, negotiations are expected to be intense right up to the deadline. Alright, we'll be watching those developments closely. Thank you for your report. Thank you for having me.
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영어 원문 출처 및 동영상 링크;
arirang news/Nat'l/Politics
https://m.arirang.com/news/view?id=294379