Seoul City Allocates 1.457 Trillion Won Supplementary Budget to Counter 'Triple High' Economic Crisis

In response to the escalating economic challenges stemming from Middle East conflicts, which have triggered a surge in prices, exchange rates, and interest rates – the 'triple high' phenomenon – Seoul City has proactively introduced a supplementary budget of 1.457 trillion won. This significant financial injection aims to cushion the blow of these global economic headwinds on the daily lives of its citizens.

The core objective of this supplementary budget is to alleviate the financial strain felt by households and businesses. A substantial portion is earmarked for direct support to small business owners and vulnerable populations, alongside measures to reduce the cost of public transportation. This includes expanding the Seoul Love Gift Certificate program and bolstering emergency welfare and housing support, demonstrating a commitment to bolstering the social safety net.

A key focus of the budget is the enhancement of public transportation accessibility and affordability. A significant allocation will support subway and bus operators, while subsidies for programs like the K-Pass and Climate Card aim to reduce commuting costs for residents. Additionally, funds are designated for promoting eco-friendly vehicles, reflecting Seoul's ongoing commitment to sustainable urban development amidst economic pressures.

Financially, Seoul City has ensured this expansion does not lead to increased debt. The supplementary budget will be funded entirely by the surplus from the 2025 fiscal year. This prudent financial management allows the city to address immediate economic concerns while maintaining fiscal stability, underscoring a responsible approach to governance during uncertain economic times.

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This supplementary budget is focused on alleviating the burden of the 'triple high' (high prices, high exchange rates, high interest rates) caused by the Middle East situation, and supplementing the blind spots that occurred in the government's high-price support.