Govt Proposes 15 Tln Won Extra Budget To Fund Another Round Of Coronavirus Cash Handouts
Reporter Rosyn Park ㅣ 2021-03-02 14:20
The Ministry of Finance plans to submit to the National Assembly its proposal for a fourth extra budget worth 15 trillion won to cope with the ongoing fallout from the COVID-19 pandemic. (Photo: Yonhap News)
The government has proposed an extra budget of 15 trillion won to finance another round of relief aid for small businesses and the underprivileged hit hard by the pandemic.
The finance ministry said Tuesday the extra budget will be used to fund the 19.5 trillion-won emergency support package, the fourth of its kind, designed to help ease economic pains caused by COVID-19.
According to the proposed plan, 8.1 trillion won will be earmarked to support smaller merchants and self-employed people, 2.8 trillion won will go to prop up the sluggish job market, and the remaining 4.1 trillion won to support antivirus efforts, including purchases of coronavirus vaccines.
In order to finance the supplementary budget, the government plans to sell 9.9 trillion won in state bonds.
The ministry is expected to submit its proposal to the National Assembly on Thursday for approval.