Jojong-sik: "Next week, review of 'Disaster Relief Fund Supplementary Budget'... Processing in April, Payment in May"

[Image source=Yonhap News]

[Asia Economy Reporter Wondara] The Democratic Party of Korea has reaffirmed its plan to review the second supplementary budget worth 7.6 trillion won next week and pass it in the plenary session this month. The government is expected to submit the second supplementary budget bill to the National Assembly to provide emergency disaster relief funds for households in the bottom 70% income bracket affected by the novel coronavirus disease (COVID-19).

On the afternoon of the 15th, Cho Jung-sik, the Democratic Party’s Policy Committee Chair, held a briefing at the National Assembly regarding the emergency disaster relief funds, stating, "If the government submits the supplementary budget bill to the National Assembly, we will ensure it is processed as quickly as possible," adding, "We plan to review the supplementary budget next week through bipartisan agreement this week and pass it in April." He also urged, "Since opposition parties such as the United Future Party also agree to the emergency disaster relief payments, I hope for their cooperation."

Regarding the government’s spending capacity and fiscal soundness, he said, "The government’s plan is being prepared without issuing government bonds," and added, "If necessary, additional spending and bond issuance will be comprehensively considered to ensure fiscal soundness is not compromised."

When asked about the timing of the emergency disaster relief payments, Cho said, "I hope it will be processed in a one-point plenary session in April," and "Once processed, payments will be made promptly in May."

However, regarding plans for additional emergency disaster relief payments, he said, "It seems premature to talk about a third supplementary budget when the second supplementary budget has not yet been reviewed."

He continued, "We cannot predict future situations," and said, "We will monitor the situation and consider a third supplementary budget if necessary."

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