[3rd Supplementary Budget] Prime Minister Jeong: "3rd Supplementary Budget Set at 35.3 Trillion Won... Currently a Wartime Situation"

Prime Minister Chung Sye-kyun is delivering a speech at the temporary Cabinet meeting held on the 3rd at the Government Seoul Office in Jongno-gu, Seoul. At this Cabinet meeting, the third supplementary budget bill was approved to overcome the economic crisis caused by the novel coronavirus disease (COVID-19) and to prepare for the post-COVID-19 era. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kwangho Lee] Prime Minister Chung Sye-kyun stated on the 3rd, "The government has formulated this supplementary budget at a record high of 35.3 trillion won, reflecting a strong determination to protect the lives of citizens devastated by the novel coronavirus disease (COVID-19) and to promptly restore the economy."

On the same day, Prime Minister Chung held an emergency Cabinet meeting at the Government Seoul Office and said, "We will inject emergency funds into the main industries of our economy, support small business owners and companies in crisis, and concentrate fiscal capacity on maintaining employment and creating jobs," adding, "We will also actively support consumption and investment promotion, as well as export recovery through the supplementary budget."

Prime Minister Chung emphasized, "To turn the crisis of COVID-19 into a new leap forward, we will proactively prepare for the post-COVID era," and added, "We will focus investment on the Korean New Deal to create a leading economy, including the Digital New Deal and Green New Deal, and actively support the globalization of K-quarantine by strengthening the quarantine system in preparation for a second large-scale outbreak, as well as developing treatments and vaccines."

He continued, "Although there are concerns about fiscal soundness as we have formulated the supplementary budget three times in one year," he explained, "our national debt ratio relative to gross domestic product (GDP) is still lower than the average of the Organization for Economic Cooperation and Development (OECD)."

Furthermore, he stated, "This is a wartime situation," and added, "If we do not put out the urgent fire immediately, what could have been stopped with a hoe may later have to be stopped with a rake. The International Monetary Fund (IMF) has also recommended large-scale selective fiscal measures."

He then added, "The government will submit the supplementary budget bill to the National Assembly tomorrow after approval at today's Cabinet meeting."

Prime Minister Chung urged, "Not only the supplementary budget bill but also urgent issues such as livelihood and economic bills and the launch of the Corruption Investigation Office for High-ranking Officials require discussion by the National Assembly," and requested, "I hope the ruling and opposition parties will make a magnanimous decision and promptly open the door of the 21st National Assembly."

He also ordered, "Each ministry should thoroughly explain the necessity of the supplementary budget to the National Assembly and pre-check project plans so that they can be executed immediately upon passage," and added, "Please keep in mind that these precious funds were secured through rigorous expenditure restructuring and government bond issuance, and consider ways to enhance the effectiveness of projects by using the limited budget appropriately."

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