NewKerala.com

South Korea Unveils $4.12B Cash Aid for 70% of Earners Amid Oil Price Surge

The South Korean government will implement a KRW 6.1 trillion cash assistance program to support the bottom 70% of income earners in coping with rising oil prices. Finance Minister Koo Yun-cheol announced the measures, including releasing public urea reserves, during an emergency economic meeting. This follows the National Assembly's recent approval of a KRW 26.2 trillion supplementary budget to mitigate the economic impact of the West Asia conflict. The budget approval reflected a rare bipartisan consensus on the need to address the economic fallout.

Key Points: S. Korea Announces $4.12B Aid for Lower 70% Over Oil Prices

  • KRW 6.1 trillion cash aid for bottom 70%
  • Response to rising oil prices & West Asia crisis
  • Urea reserves to be released for supply
  • KRW 26.2 trillion supplementary budget approved
  • Bipartisan consensus on economic measures
2 min read

South Korea announces USD 4.12 billion cash aid for lower 70% amid rising oil prices

South Korea launches KRW 6.1 trillion cash assistance for bottom 70% of income earners to counter rising oil prices and West Asia crisis impact.

"Until the end of the war becomes clear, we will firmly maintain an emergency economic response system - Finance Minister Koo Yun-cheol"

Seoul, April 17

The South Korean Government will implement a KRW 6.1 trillion cash assistance programme to support the bottom 70 per cent of income earners in the country in coping with rising oil prices as part of broader measures to tackle the economic impact of the crisis in West Asia, Yonhap News Agency reported.

According to the Yonhap News Agency, citing Finance Minister Koo Yun-cheol, authorities are preparing to release public reserves of urea and urea solution later this month to address anticipated supply shortages triggered by the ongoing regional tensions.

The minister outlined the measures during an emergency virtual economic meeting with officials from ministries involved in the West Asia crisis response.

Highlighting the broader economic risks, Koo said the government would continue to respond actively to supply chain disruptions until the conflict between the United States and Iran comes to an end, describing the crisis as the most significant threat to the global economy at present.

"Until the end of the war becomes clear, we will firmly maintain an emergency economic response system and actively address supply chain issues and difficulties in people's livelihoods," he said, as quoted by Yonhap News Agency.

He further directed relevant ministries to swiftly execute the supplementary budget recently approved by the National Assembly to ensure timely support measures and stabilisation efforts.

Earlier, the South Korean National Assembly passed the additional budget of KRW 26.2 trillion (approximately USD 17.1 billion) supplementary spending package aimed at mitigating the economic impact of the ongoing conflict in West Asia prior to the ceasefire announcement made by US President Donald Trump in order to halt the hostilities in the region with Iran for two weeks.

The additional budget was approved on April 10 after lawmakers from both the ruling party and the main opposition had reached an agreement, reflecting a rare bipartisan consensus over the need to respond to the economic fallout due to the continuing West Asia conflict.

- ANI

Share this article:

Reader Comments

R
Rohit P
₹34,000+ crore in direct aid! That's massive. Wish our governments could act with such speed and bipartisan support when there's an economic crisis. Here, even essential bills get stuck in political debates for ages. 👏 to South Korea for putting people first.
A
Aman W
The urea reserve part is crucial. Remember our shortage a few years back? It crippled transport. Good they are preparing in advance. Global conflicts hit everyone, we need to build stronger supply chains and buffer stocks for essential items.
S
Sarah B
While the intent is good, targeting the "bottom 70%" seems very broad. How do they accurately identify who needs it most? In a country like India with our population, such blanket coverage would be incredibly expensive and possibly inefficient. Targeted aid might be better.
V
Vikram M
This shows how interconnected the world is. A conflict in West Asia affects oil prices in Asia, which then requires billions in aid. Hope for a peaceful resolution soon. Constant war is bad for the global economy and for the common man's pocket everywhere, including India.
K
Kavya N
Direct cash transfers can be a double-edged sword. It provides immediate relief, yes. But does it address the root cause—high fuel prices? Long-term solution requires investment in alternative energy and public transport. Still, kudos for the swift action to help people.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50