Ruling Party, Government, and Blue House "4th Supplementary Budget, Composed at 7 Trillion Won... Passed by National Assembly Before Chuseok"

"Targeting Special Employment, Small Business Owners, Low-Income Groups, and Childcare"... Customized Support Planned
"Chuseok Livelihood Stabilization Measures Also Promoted... Focus on Movement Restraint and Price Management"

[Image source=Yonhap News]

[Asia Economy Reporters Kim Hyemin and Jeon Jinyoung] The Democratic Party, the government, and the Blue House have agreed to prepare a 7 trillion won-scale 4th supplementary budget (supplementary budget) to overcome the crisis caused by the novel coronavirus infection (COVID-19).

On the 6th, the party, government, and Blue House held a high-level party-government meeting at the Prime Minister's residence in Jongno-gu, Seoul, and reached this consensus, Democratic Party Chief Spokesperson Choi In-ho announced in a National Assembly briefing.

Regarding the decision to set the supplementary budget in the mid-7 trillion won range, Chief Spokesperson Choi explained, "We comprehensively considered sufficient support for the affected groups and the fact that almost the entire amount must be issued as government bonds."

The party, government, and Blue House decided to include in the 4th supplementary budget a second emergency employment stabilization subsidy for vulnerable employment groups such as special employment types (teukso), the New Hope Fund for small business owners experiencing sales decline, emergency living expenses for low-income groups not benefiting from existing government support programs, special childcare for children, and communication expense support to back non-face-to-face activities. This is called the 'Customized Emergency Disaster Relief Package.'

Chief Spokesperson Choi added, "The party especially urged stronger promotion of customized support for small business management stability, childcare, youth job-seeking activities, and communication cost burdens."

Along with this, the party, government, and Blue House also agreed to promote livelihood stabilization measures around the Chuseok holiday. These measures include minimizing movement, managing prices of everyday goods for ordinary citizens to ease their burdens, and supporting traditional markets and small and medium-sized enterprises.

Chief Spokesperson Choi said, "The government decided to speed up so that livelihood stabilization measures can be announced and the supplementary budget can be submitted to the National Assembly within this week," adding, "The Democratic Party will actively support the passage of the bill in the National Assembly before Chuseok."

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