Seoul: South Korea’s National Assembly has approved a supplementary budget worth 26.2 trillion won ($17.7 billion) to mitigate the economic impacts of the ongoing conflict in the Middle East. This decision comes just 10 days after the proposal was submitted by the government.

According to Anadolu Agency, the budget bill was passed in a plenary session with a vote of 214 in favor, 11 against, and 19 abstentions out of the 244 lawmakers present. Both the ruling Democratic Party and the main opposition People Power Party agreed to maintain the budget size as initially proposed by the government. A significant portion of the budget is allocated to provide cash assistance to the lowest 70% of income earners, aiming to alleviate the pressure of increasing oil prices.

The approved budget will enable about 35.8 million South Koreans to receive financial assistance ranging from 100,000 to 600,000 won, depending on their income and region. Additionally, 200 billion won is allocated to secure a stable supply of naphtha, crucial for key industries. Presidential spokesperson Kang Yu-jung expressed gratitude for the bipartisan cooperation that prioritized national interests amid the Middle East crisis.

Following the budget’s approval, the government plans to swiftly implement support measures. These include aid for naphtha purchases, discounts on public transport, and fuel subsidies for farmers and fishermen affected by soaring oil prices. Last week, President Lee Jae Myung characterized the situation as “wartime-level,” urging prompt action on the supplementary budget.

President Lee highlighted the “unexpected, multifaceted” crisis South Korea faces as the conflict between the US, Israel, and Iran continues into its fifth week. In response to disruptions in oil supplies, South Korea issued a second-level national energy security alert. President Lee also directed officials to prepare traffic control measures to conserve energy.

South Korea’s crude oil imports through the Strait of Hormuz have been suspended for over 10 days since the closure of the waterway on March 1. The last tanker shipment from the strait reached South Korea on March 20.