[Breaking] Ruling Party and Government to Form Supplementary Budget Far Exceeding 'MERS'... To Be Finalized Mid-This Week

The supplementary budget execution scale during MERS was 6.2 trillion won

[Image source=Yonhap News]

[Asia Economy Reporters Wondara and Jeon Jinyoung] The Democratic Party of Korea and the government have decided to prepare an additional supplementary budget for the novel coronavirus infection (COVID-19) exceeding 6.2 trillion won.

On the morning of the 2nd, Cho Jung-sik, the Policy Committee Chair of the Democratic Party, said at a briefing held after the 'COVID-19 Response Supplementary Budget Preparation Party-Government Meeting' at the National Assembly, "The final supplementary budget size will be finalized by the Ministry of Strategy and Finance's final estimate and will be confirmed at the Cabinet meeting in the middle of this week."

He added, "It is still difficult to specify the supplementary budget size separately from the party, but in terms of the overall scale, it will be prepared at a size far exceeding the expenditure budget of the previous Middle East Respiratory Syndrome (MERS) supplementary budget." The supplementary budget size executed during the 2015 MERS outbreak was 6.2 trillion won.

Chair Cho explained, "We decided to expand emergency management stabilization funds for small and medium-sized enterprises and ultra-low interest loans for small business owners by 2 trillion won each, and also to expand support for special guarantees by the Korea Credit Guarantee Fund by 2 trillion won."

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