Amid the Third Wave of COVID-19... Calls for a 'Third Disaster Relief Fund' from Both Ruling and Opposition Parties

Kim Jong-in, Emergency Response Committee Chairman of the People Power Party, is attending the Emergency Response Committee meeting held at the National Assembly on the 23rd and delivering an opening remark. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Lee Ji-eun] As the novel coronavirus infection (COVID-19) spreads again, the need for a third disaster relief fund is being raised simultaneously by both the ruling and opposition parties. In the ruling party, Gyeonggi Province Governor Lee Jae-myung opened the discussion, and in the opposition, Kim Jong-in, the Emergency Committee Chairman of the People Power Party, also raised his voice, saying that the budget for the third disaster relief fund should be included in the main budget.

On the morning of the 23rd, at the Emergency Committee meeting held at the National Assembly, Chairman Kim said, "The issue of the third disaster relief fund is already being discussed," and pointed out, "The main budget for next year is scheduled to be passed on the 2nd, but it does not seem to include measures for next year's disaster relief fund or various derivative effects."

He added, "If the budget is passed in December and then the ugly issue of supplementary budget (additional budget) is raised again in January, it will be a problem for the government's credibility," and said, "It is necessary to resolve the budgetary issues related to the disaster relief fund that may arise next year before the main budget is passed."

In a Q&A session with reporters after the Emergency Committee meeting, Chairman Kim also said, "If COVID-19 becomes serious and the survival of self-employed people becomes an issue, naturally the issue of disaster relief fund payments will arise," and "Since there is not much time left in advance, we need to anticipate and prepare."

The broader ruling coalition also raised the need for the third disaster relief fund. On the same day, Kang Eun-mi, the floor leader of the Justice Party, said at the leadership meeting, "Due to this (level 2 upgrade) measure, the worries and anxieties of our people who have endured great damage are increasing," and "We urgently need to discuss the third nationwide disaster relief fund and government’s active fiscal policies such as employment income insurance."

[Image source=Yonhap News]

Governor Lee also said earlier on Facebook, "The third disaster relief fund must be provided to all citizens in the form of expiring local currency," and "There was a significant difference statistically and perceptually in the economic revitalization effect between the government's first and second disaster relief funds."

The first support using expiring currency had a better local currency effect. He said, "While countries around the world supported citizens with at least 1 million won per person directly for consumption, Korea only supported about 400,000 won per person," and added, "Since the lives of the people will clearly worsen for the time being, future third and fourth consumption supports are inevitable."

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