Bangladesh, July 6 -- In a sweeping effort to boost domestic consumption and jumpstart an economy teetering on the brink of stagnation, South Korea is rolling out a major cash handout program, with payments scheduled to begin later this month. The program, unveiled by the Ministry of the Interior and Safety and reported by the Korea Herald, is part of a larger 31.8 trillion-won ($23.3 billion) supplementary budget passed by the National Assembly on July 4. It is the first major economic initiative spearheaded by the newly elected President Lee Jae-myung following months of political turbulence and economic underperformance.

At the core of the initiative is a one-time payment of 150,000 won (approximately $110) for every citizen residing ...