S. Korea proposes largest-ever extra budget to combat pandemic
Updated: 2020-06-03 10:17:09 KST
For more details on how the money from this proposed 29 billion dollar extra budgeet will be allocated we have our Kim Dami on the line.
Dami, more financial support is coming for those people and businesses in South Korea affected by the COVID-19 outbreak.
Right Mark, and the latest extra budget that is being sent to the National Assembly is the largest ever in South Korean history.
The 29 billion dollar super budget is even bigger than those allocated during the Asian financial crisis in 1998 AND the global financial crisis in 2008.
And it's the first time in half a century that South Korea has allocated a third extra budget in a year.
On top of the 7.8 billion dollar job budget for the year, South Korea will pour another 2.8 billion dollars into helping those affected by the employment crisis.
That means a total of ten.six billion dollars will be set aside for struggling jobseekers.
That record budget just allocated for the employment crisis will be dished out to those who lost their jobs as well as those who are on unpaid leave due to the pandemic.
People on unpaid leave after being on paid leave for more than a month will receive more than 400 dollars a month for three months.
The third supplementary budget includes more than 9 billion dollars to cover tax revenue shortages from the unexpected global crisis.
That budget is also another record high from which the government has to issue deficit-covering bonds.
The budget also covers the nation's efforts to develop treatments and a vaccine for COVID-19.
At around 92 million dollars, South Korea aims to develop a COVID-19 treatment within this year and start mass producing vaccines by the second half of 2021.
The government will also pour more than 4 billion dollars into what is being dubbed the Korean version of the 'New Deal.'
That includes its investment in bolstering the country's non-contact educationsuch as ensuring WiFi connection across elementary, middle and high schools nationwide.
The latest supplementary budget draws from some of the country's military budget.
Around 2-hundred 45 million dollars will be deducted from the defense ministry.
This is already the second time this year that the defense budget will be shared for the nation's extra budget.
That's it from me now, but I'll bring you more details in our later newscast, Mark.