President Lee Jae Myung (center in front row) on April 2 gives a policy speech on the supplementary budget bill at the National Assembly in Seoul's Yeongdeungpo-gu District. (Cheong Wa Dae)

By Yoon Sojung

President Lee Jae Myung on April 2 in a policy speech to the National Assembly urged bipartisan cooperation to quickly process a supplementary budget bill to respond to the energy crisis stemming from the conflict in the Middle East and stabilize the domestic economy.

Calling the situation "the worst threat to energy security," he said the proposed additional funds of KRW 26.2 trillion, an amount raised without issuing government bonds, will serve as a seawall to protect the lives of the people.

He first mentioned a financial package worth KRW 10 trillion to alleviate the effects of high oil prices. A reserve fund of KRW 5 trillion will be used to run the oil price cap system and respond to fluctuations in fuel costs.

Funds to compensate "damage from high oil prices" will go to an estimated 36 million people in the bottom 70% income bracket. Energy welfare for low-income households and farmers and fishermen will also get a major boost.

Another KRW 2.8 trillion will go toward programs to stabilize livelihoods to protect the socially vulnerable. The number of Just Dream Centers, which provide free food and daily necessities, will be doubled to 300.

Over KRW 300 billion in additional policy funds will help small business owners. And investment of KRW 400 billion will stimulate the project Startup for All, which seeks to provide jobs for youth and expand areas eligible for basic income support in rural and fishing villages.

In addition, KRW 2.6 trillion will be used to protect exporters and supply chains. The number of companies eligible for export vouchers will be doubled to 14,000 and KRW 7.1 trillion will be earmarked for export policy financing.

The tourism industry will get KRW 280 billion in low-interest loans.

A combined KRW 1.1 trillion in loan subsidies will speed up the transition to new and renewable energy. The number of "sunshine income villages" generating income from solar power will jump from 150 to 700.

President Lee repeatedly stressed the urgency of passing the supplementary budget bill, saying, "Success or failure in overcoming a crisis depends on speed."

arete@korea.kr