(3rd LD) Nat'l Assembly passes 26.2 tln-won extra budget bill to mitigate fallout from Mideast war

(ATTN: UPDATES with Cheong Wa Dae's response in last 4 paras; ADDS photo)By Yi Wonju and Kim Seung-yeon

SEOUL, April 10 (Yonhap) -- The National Assembly on Friday approved a 26.2 trillion-won (US$17.7 billion) extra budget bill in an effort to cope with the economic fallout from the ongoing Middle East conflict, 10 days after the government submitted it.

The legislation for the supplementary budget was passed at a plenary session in a 214-11 vote, with 19 abstentations out of 244 members present.

The ruling Democratic Party (DP) and the main opposition People Power Party (PPP) reached the agreement earlier in the day to keep the size of the supplementary budget unchanged from the government's initial proposal.

The parties agreed to include in the budget the government's plan to distribute cash assistance to the bottom 70 percent of income earners designed to help ease the burden from rising oil prices.

With the bill's passage, about 35.8 million people will receive between 100,000 won and 600,000 won per person, with payments differentiated by income level and region.

The DP and the PPP also agreed to allocate an additional 200 billion won to ensure the stable supply of naphtha, a key feedstock widely used in the petrochemical and other industries.

The extra budget aims to ease the burden of rising oil prices and protect small businesses and vulnerable households from the economic repercussions of the conflict.

The PPP has argued that the projects included in the bill are inconsistent with the purpose of the extra budget, calling for programs that provide direct assistance to those affected, while the DP has urged the swift passage of the bill.

Cheong Wa Dae expressed appreciation for the National Assembly's swift passage of the extra budget bill through bipartisan agreement.

"We express our gratitude to the ruling and opposition parties for swiftly passing the bill through bipartisan cooperation that placed national interests first in the face of the crisis caused by the Middle East war," presidential spokesperson Kang Yu-jung said in a written briefing.

With the bill's passage, the government will promptly implement measures to support those affected by high oil prices, including assistance for naphtha purchases, discounts on public transportation costs, and fuel subsidies for farmers and fishermen, according to the spokesperson.

"The government will do its utmost to swiftly implement follow-up measures so that the public can feel the effects of the supplementary budget on the ground," Kang added.

julesyi@yna.co.kr(END)