Prime Minister Jeong: "Emergency Disaster Relief Fund to be Distributed from the 4th... Expecting to Boost Domestic Demand"

Temporary Cabinet Meeting Held to Approve Second Supplementary Budget and Follow-up Measures
Supplementary Budget Size 12.2 Trillion Won... Additional Funding 4.6 Trillion Won Through Bond Issuance and Expenditure Adjustment

Prime Minister Jeong Sye-kyun

[Asia Economy Reporter Kwangho Lee] Prime Minister Chung Sye-kyun said on the 1st, "Providing emergency disaster relief funds to all citizens is an unprecedented large-scale project," and added, "I hope that swift and smooth execution will help support the livelihoods of the people and revive the stagnant domestic economy."

On the same day, following the National Assembly's passage of the second supplementary budget (supplementary budget) at the plenary session the day before, Prime Minister Chung stated at an extraordinary Cabinet meeting held at the Government Seoul Office, "We expanded the supplementary budget scale to 12.2 trillion won to provide support funds to all citizens, and decided to secure an additional 4.6 trillion won through government bond issuance and expenditure adjustments."

He expressed gratitude to the National Assembly, saying, "I thank the National Assembly for discussing and processing the supplementary budget," and explained, "Today's extraordinary Cabinet meeting was held to announce the budget confirmed by the government's agreement to the National Assembly's increase of the supplementary budget and to approve the budget allocation plan, among other matters."

He emphasized, "Now, it is important to ensure that citizens can receive the emergency disaster relief funds quickly and conveniently." He also mentioned, "Starting next Monday, we will first support households receiving livelihood benefits, basic pensions, and disability pensions who are experiencing difficulties, and then provide support funds to all citizens."

Furthermore, he urged, "Local governments should promptly prepare the necessary supplementary budgets for the disbursement of support funds," and requested, "The Ministry of the Interior and Safety and related ministries should cooperate with local governments and relevant organizations to simplify the application and payment procedures for the support funds as much as possible."

Prime Minister Chung also said, "If possible, please promote in detail the application methods and periods so that support funds can be applied for non-face-to-face," and expressed, "We will also strengthen guidance on the usage period, usage areas, and industries for the support funds."

Additionally, he stated, "Along with the supplementary budget, the 'Special Act on the Collection and Use of Emergency Disaster Donations' was enacted to allow citizens who wish to do so to donate their support funds," and added, "The donations will be used to overcome the employment crisis caused by COVID-19, such as employment stabilization projects and unemployment benefit payments."

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