Hong Nam-ki: "The 3rd Supplementary Budget Bill Will Be the Largest Ever... To Be Submitted to the National Assembly on the 4th"

[Image source=Yonhap News]

[Asia Economy Reporter Won Dara] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated, "The 3rd supplementary budget will be the largest single budget in history."

On the morning of the 1st, at the '2020 Second Half Economic Policy Direction and 3rd Supplementary Budget Party-Government Meeting' held at the National Assembly, Deputy Prime Minister Hong said, "After concluding today's party-government meeting, we will finalize and announce the 3rd supplementary budget following the emergency economic meeting chaired by the President in the afternoon," adding, "It will be the largest single supplementary budget in history."

He said, "The economic policy direction for the second half of the year and the 3rd supplementary budget include measures to revitalize the consumption economy, lay the foundation for the post-COVID-19 era, and fully promote the Korean New Deal."

Regarding the schedule for processing the supplementary budget, he said, "We plan to submit the supplementary budget to the National Assembly on the 4th," and added, "We will thoroughly prepare in advance to ensure that 75% of the budget is executed within three months."

Deputy Prime Minister Hong emphasized, "With the united efforts of the public, medical staff, and quarantine authorities, we have successfully carried out K-quarantine measures that the world envies," and added, "Now, our task is to successfully implement economic quarantine measures to overcome the economic crisis."

He continued, "So far, the government has strongly prepared through two supplementary budgets and five emergency economic meetings chaired by the President, but small business owners and SMEs on the ground still say it is difficult, and there is a need to prepare for employment shocks," adding, "This is also the reason why the government prepared the economic policy direction for the second half of the year one month earlier than usual and is preparing the 3rd supplementary budget for the first time in half a century."

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