South Korea proposes $17.3 billion extra budget to mitigate Middle East shock - Reuters

<a href="https://news.google.com/rss/articles/CBMixgFBVV95cUxOSTJXTkM3TDdLOTZBeXhRdUQ0QThfYzJGRm02RU1ZQ3VaSG44Q094ZUJISFp6Tlk4VUp6N0doT1VfbnBnT2VKNE1RWnN3ZnNCVkxHeG9mQ01kUWgyUGk0ZFdVR1RQZ3BwR0JXcnZCS2tiZ09sZXFVekU2X0xXeElHQ0UycVYtX1Q5ZjVpWFFzMWhYa1N1MmRNZmhGbnVmSnFIdmhuTUttcnM0T2FOUm5NTzRtellwRHNzY2wtemx3VEtfQmZzQUE?oc=5" target="_blank">South Korea proposes $17.3 billion extra budget to mitigate Middle East shock</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

South Korea's government has proposed a supplementary budget of 26.2 trillion won ($17.1 billion) to mitigate the impact of rising fuel prices amid escalating tensions in the Middle East. The plan includes cash handouts for about 70% of the population and measures to stabilize supply chains.

Shin Hyun-song, nominee for governor of the Bank of Korea, has called for a supplementary budget to address the economic challenges posed by the ongoing conflict in Iran, highlighting the Middle East situation as the biggest risk to the Korean economy.

South Korea's Ministry of Economy and Finance and the state-run Export-Import Bank of Korea have reviewed measures to expedite a 10 trillion won ($6.6 billion) policy financing program aimed at supporting domestic companies affected by the Middle East conflict.

The benchmark KOSPI index fell more than 2% to around 5,140, marking the fourth consecutive session of decline, amid escalating Middle East tensions and concerns over global energy supply disruptions.