Seongdong-gu Allocates 25.2 Billion Won in Supplementary Budget for COVID-19 Response

Supplementary Budget of 25.2 Billion KRW Allocated for COVID-19 Response to Stabilize Livelihoods and Revitalize Local Economy... Efforts to Maintain Quarantine System, Minimize Economic Impact on Residents, and Alleviate Economic Crisis

[Asia Economy Reporter Park Jong-il] Seongdong-gu (Mayor Jeong Won-oh) is increasing the supplementary budget by a total of 25.2 billion KRW to promote projects for stabilizing people’s livelihoods and revitalizing the local economy in preparation for the prolonged COVID-19 pandemic.

This supplementary budget was prepared to maintain a thorough quarantine system until the end of COVID-19 and to minimize the economic shock to people’s livelihoods, alleviating the pain of residents by resolving unemployment and temporary economic crises.

First, to respond to the spread and prolongation of COVID-19, the budget includes ▲879 million KRW for establishing a permanent quarantine system ▲10.8 billion KRW allocated as disaster and emergency contingency funds for rapid response to emergencies such as disasters and accidents ▲1.3 billion KRW for the disaster management fund.

Additionally, for projects aimed at stabilizing livelihoods and revitalizing the local economy due to the prolonged COVID-19 situation, the budget adds ▲2.2 billion KRW transferred from the Small and Medium Business Development Fund for emergency loans and interest subsidies for small business owners and self-employed individuals ▲1.187 billion KRW for public job projects to provide work opportunities for low-income earners ▲10 million KRW for discount subsidies related to the additional issuance of 5 billion KRW worth of Seongdong Love Gift Certificates to stimulate the depressed local economy and consumer sentiment.

Along with this, additional budgets reflecting urgent projects closely related to residents’ daily lives and increased needs in childcare and welfare due to the prolonged COVID-19 include ▲410 million KRW for home childcare allowances ▲265 million KRW for emergency welfare support projects.

Jeong Won-oh, Mayor of Seongdong-gu, said, “This supplementary budget is mainly composed of projects to minimize the damage to residents, self-employed people, and small business owners who are facing economic crises due to the prolonged COVID-19 pandemic. I hope this will serve as a foundation for stable resident life and revitalization of the local economy.”

This supplementary budget was finalized on the 29th of last month after deliberation and resolution at the 251st extraordinary session of the Seongdong-gu Council.

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