Daejeon City Allocates 238.5 Billion Won Supplementary Budget for COVID-19 Response... Approval Expected at City Council Meeting by Month-End

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The Daejeon city government has allocated 238.5 billion KRW as a supplementary budget to respond to the novel coronavirus infection (COVID-19).

According to the city on the 25th, the supplementary budget proposal has recently been submitted to the Daejeon City Council and is expected to be finalized at the plenary session of the '249th Extraordinary Meeting' on the 31st.

The supplementary budget is focused on responding to COVID-19. The core objective is to stimulate the local economy, which has been depressed due to COVID-19, and to support the livelihoods of ordinary citizens.

For example, through the supplementary budget, the city plans to provide emergency disaster livelihood support funds to households with an income exceeding 50% but not exceeding 100% of the median income. The support funds will be distributed differentially (via prepaid cards) according to the number of household members: 300,000 KRW for a single-person household, 480,000 KRW for a two-person household, and 561,000 KRW for a four-person household. The target is approximately 170,000 households, and the total amount of support funds is expected to be 70 billion KRW.

Additionally, the city included 30.9 billion KRW in the supplementary budget as temporary living support funds for basic livelihood security recipients (40,000 households), and 3 billion KRW as emergency welfare support funds for those below 75% of the median income (3.56 million KRW for a four-person household).

A temporary support project to assist child-rearing expenses will also be carried out concurrently. The city has allocated a budget of 30.9 billion KRW to provide 100,000 KRW monthly for four months to children under seven years old. Furthermore, 1.6 billion KRW has been reflected as living support funds for citizens hospitalized or quarantined due to COVID-19 infection.

In addition, the city plans to restore consumer sentiment and revitalize the local economy by including 4.6 billion KRW for management improvement funds for small business owners and small and medium-sized enterprises.

Kim Ju-i, Director of Planning and Coordination at the city, said, "Considering the current emergency economic situation due to COVID-19, the city has prepared the supplementary budget to help citizens struggling to maintain their livelihoods. Along with the preparation of the supplementary budget, we will focus our efforts on rapid fiscal execution so that citizens can feel the policy effects in the shortest possible time."

This content was produced with the assistance of AI translation services.