S. Korea proposes 26.2 tril.-won extra budget to cushion impact of Middle East tensions

SEOUL - The South Korean government on Tuesday proposed a supplementary budget of 26.2 trillion won (US$17.1 billion) largely aimed at cushioning the impact of surging fuel prices amid escalating tensions in the Middle East that will include cash handouts for about 70 percent of the population.The proposal, approved at a Cabinet meeting, focuses on three key areas -- responding to high oil prices, stabilizing livelihoods and minimizing industrial damage while securing supply chains, according to the Ministry of Planning and Budget."A massive wave of crises is rapidly approaching our economy…READ FULL ARTICLE