South Korea Rolls Out $17 Billion Budget to Counter Iran Shock

South Korea unveiled a supplementary budget worth billions of dollars to cushion its economy from the fallout of the Iran war, as soaring oil prices and global supply disruptions intensify pressure on households and businesses.

The government proposed a 26.2 trillion won ($17.3 billion) extra budget aimed at easing the burden from soaring fuel costs, supporting vulnerable groups and stabilizing supply chains, the Ministry of Planning and Budget said Tuesday.