President Lee Jae Myung urged the government Saturday to swiftly execute the 31.8 trillion-won (US$23.3 billion) extra budget to help stimulate the sluggish economy amid economic challenges.

His remarks came during a Cabinet meeting he presided over to approve the budget, which exceeds the government's initial proposal of 30.5 trillion won. The approval followed the budget's passage by the National Assembly the previous day.

"The new government's first supplementary budget was urgently prepared in consideration of the very difficult national economic situation," Lee said during the meeting.

"All relevant ministries must do their best to ensure it is executed as quickly as possible so that it can serve as a catalyst to improve people's livelihoods," he added.

Of the total, 12.1 trillion won has been allocated for consumption coupons to boost weak domestic demand.

Depending on income levels, residents in the Seoul metropolitan area will receive coupons ranging from 150,000 to 500,000 won, those in non-metropolitan areas will receive between 180,000 and 530,000 won, and residents in rural and fishing villages will receive between 200,000 and 550,000 won.

The government plans to complete the first round of distribution to all citizens by the end of this month, with an additional 100,000 won to be provided to the bottom 90 percent of income earners within two months.