President Yoon:
President Yoon has called for the early implementation of a supplementary budget in response to the economic impact of the U.S.-Iran conflict.
On October 10, President Yoon commented on the necessity of establishing a supplementary budget (추경) earlier than planned, prompted by the economic ramifications of the ongoing conflict between the U.S. and Iran, which has increased the need for financial support regarding fuel taxes and small business aid. During a Cabinet meeting at the Blue House, he highlighted the urgency for additional fiscal measures to accommodate both fuel tax subsidies and support for small enterprises, stating that the current budget may be insufficient to meet these needs.
Further supporting this initiative, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol remarked that the existing budget is likely inadequate for such financial assistance. President Yoon expressed confidence that the fiscal revenues would exceed the estimates made during last year's budget preparation, suggesting that a balanced approach to executing a supplementary budget could be achieved without significant constraint by government bond issuance.
In addition, President Yoon directed that a rapid review of further financial and fiscal support measures should include the implementation of a ceiling price for oil, adjustments to energy taxes, and direct consumer assistance. This focus on swift decision-making aims to bolster the economy in light of recent market improvements in areas such as semiconductor production and the stock market, indicating a proactive approach to managing economic fluctuations caused by external conflicts.