The Ministry of Land, Infrastructure and Transport said on the 10th that a 220.4 billion won supplementary budget to respond to uncertainty from the Middle East war has been finalized.
At the National Assembly plenary session that day, new spending under the Ministry of Land, Infrastructure and Transport (MOLIT) totaling 220.4 billion won was increased or newly created to address urgent issues such as responding to high oil prices, restoring livelihoods, and minimizing industrial damage. As a result, MOLIT's budget for this year increased to 63 trillion won.
Of this supplementary budget, 190.4 billion won was added to the public transportation fare refund support program. The Ministry of Land, Infrastructure and Transport (MOLIT) will cut by 50% the baseline refund amounts for the flat-rate ("general" and "plus") options of the "Card for All" for the next six months so that the public can use public transportation more cheaply amid the burden of high oil prices. The refund rate for the proportional ("basic") option will also be raised.
A new budget line (27.9 billion won) was also created for the minimum support payment program for victims of jeonse fraud. Under the minimum support program, to help restore livelihoods, if after auctions or public auctions are completed the recovery amount falls short of one-third of the tenant's deposit, the difference will be covered for victims of jeonse fraud.
MOLIT increased the budget for developing overseas infrastructure markets by 400 million won. Due to delays in overseas construction orders and rising construction costs caused by the Middle East war, the ministry plans to expand legal and tax support for small and mid-sized construction companies overseas to prepare for disputes between project owners and contractors.
In addition, 130 billion won was added to build and operate a construction industry information system. With the recent Middle East situation increasing the risk of payment and wage arrears for subcontractors and workers in construction, the plan is to build within the Construction Industry Information System an arrears-prevention system under which project owners pay subcontractors directly.
An additional 600 million won was allocated to the program operating the international aviation carbon offset and reduction scheme. To reduce reliance on fossil fuels in air transportation, the government will prepare in advance a compliance management monitoring system ahead of the mandatory fueling of sustainable aviation fuel, scheduled for 2028.
The budget for research to improve the metropolitan transportation system in the greater Seoul area also rose by 1 billion won. In line with the Jan. 29 plan this year to expand urban housing supply, the Ministry of Land, Infrastructure and Transport (MOLIT) will conduct research to improve the metropolitan transportation system to preemptively ease concerns about worsening traffic congestion in the southern and eastern parts of the greater Seoul area.
A MOLIT official said, "In a national crisis, we plan to maximize the effectiveness of the supplementary budget projects through swift execution so as not to miss the golden time for timely response."