Expansion of Disaster Management Fund and Relief Fund Usage for COVID-19 Damage Support
Support for Vulnerable Groups and Small Business Owners with Disaster Relief Funds
Due to the impact of the novel coronavirus disease (COVID-19), a temporary closure notice is posted on a small business store in Jung-gu, Seoul on the 4th. Photo by Hyunmin Kim kimhyun81@
View original image[Asia Economy Reporter Jo In-kyung] The government has allowed local governments to use disaster-related funds, which are their own financial resources, to support vulnerable groups and small business owners struggling due to the novel coronavirus infection (COVID-19).
The Ministry of the Interior and Safety announced on the morning of the 21st that it reviewed and approved a plan to expand the use of disaster management funds and disaster relief funds at the Central Disaster and Safety Countermeasures Headquarters (CDSCH) meeting.
This decision was made in response to requests from local governments to expand the use of funds to provide emergency support to vulnerable groups and small business owners affected by COVID-19.
The disaster management fund is a fund accumulated annually by local governments to cover costs related to disaster management. Currently, 3.8 trillion won has been accumulated, but under current law, it can only be used for disaster prevention and facility restoration. However, as the COVID-19 situation has increased the number of vulnerable groups and small business owners facing livelihood difficulties, the fund can now also be used to support them during social disasters such as infectious diseases.
The disaster relief fund can also be executed by the provincial governor if the local government recognizes the need to support vulnerable groups and small business owners.
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Jin Young, Minister of the Interior and Safety and the second deputy head of the CDSCH, said, "By expanding the scope of local government resources in this emergency economic situation, support for vulnerable groups and small business owners struggling due to COVID-19 will be promptly provided, which will help stabilize people's livelihoods and aid in the recovery of the local economy."
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