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S. Korea to begin execution of largest-ever extra budget to battle economic impact of COVID-19 Updated: 2020-07-06 10:01:07 KST

The third supplementary budget approved by South Korea's National Assembly in 2020 alone is the single largest distribution of funds in the nation's history, standing at over 29.2 billion U.S. dollars.
The budget, devised to minimize the economic impact of the COVID-19 pandemic, is even larger than the extra budget passed in the aftermath of the 2008 global financial crisis.
It also follows the year's first and second extra budgets totaling up to nearly 20 billion dollars.
Considering the importance of timely spending, the government aims to execute up to 75 percent of the budget within the next three months.

"It's time to focus on the budget's swift and effective execution to maximize its effects. Above all, the government needs to help laborers on the verge of unemployment as well as companies facing a liquidity crunch."

The third extra budget will mainly support those who have lost their jobs as the unemployment rate surged following the pandemic.
The budget for job-seeking benefits stands at over 10.8 billion dollars, which will support some 490-thousand unemployed people.
Those who have been unemployed for over six months will receive some 400 dollars a month for two months.
The government also plans to create 310-thousand public jobs to help society's most vulnerable people.

"The extra budget will help the country overcome the unprecedented economic crisis and become a valuable cornerstone to establish new economic foundations to lead the post-COVID-19 era."

Seoul also plans to lay out a comprehensive plan for its economic stimulus measures dubbed the "Korean New Deal," which entails spending some 83 billion dollars over the next five years.
South Korea's finance ministry is set to disclose the details of that later this month.
Kim Hyo-sun, Arirang News.
KOGL : Korea Open Government License
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