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Deputy Prime Minister and Finance Minister Choi Sang-mok delivers opening remarks during an economic ministers' meeting at the government complex in Seoul on April 8. / Source: Ministry of Economy and Finance

Finance Minister Choi Sang-mok announced plans to introduce a supplementary budget of approximately 10 trillion won, with detailed allocations to be revealed early next week. The initiative aims to address urgent issues, including wildfire recovery, trade challenges, and support for small businesses.

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Speaking at an economic ministers' meeting on April 8, Choi emphasized the necessity of prompt action in light of recent large-scale wildfires and unprecedented tariff shocks affecting industries and businesses. He stated that the supplementary budget would prioritize swift wildfire recovery and prevention measures, allocating sufficient funds for restoration and enhancing firefighting capabilities through the acquisition of drones and high-performance helicopters.

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To bolster the nation's trade environment and artificial intelligence (AI) competitiveness, Choi proposed an investment of 3 to 4 trillion won. This includes expanding support for small and medium-sized enterprises impacted by tariffs, increasing export vouchers, and providing additional policy financing. Plans also involve establishing subsidies for advanced industry materials and equipment, and securing over 10,000 high-performance GPUs within the year to foster the domestic AI ecosystem.

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An additional 3 to 4 trillion won is earmarked to support low-income individuals and small business owners struggling with domestic demand downturns. Measures include offering low-interest policy loans to alleviate financial burdens and implementing programs to enhance consumer spending power among vulnerable populations.

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Choi urged the National Assembly for swift deliberation and approval of the supplementary budget to capitalize on the critical window for supporting industries and businesses.