President Moon: "Nationwide Disaster Relief Fund Can Be Considered During Economic Recovery Phase"

President Moon Jae-in Holds New Year's Press Conference
"Profit-sharing System Cannot Be Forced... It Is Desirable to Encourage It with Incentives"

On the 18th, citizens are watching the live broadcast of President Moon Jae-in's New Year's press conference in the Seoul Station waiting room. Photo by Moon Honam munonam@

[Sejong=Asia Economy Reporter Kim Hyunjung] President Moon Jae-in expressed the view that disaster relief funds related to the COVID-19 pandemic could be distributed to "all citizens" if the spread of the virus has been contained and the economy is in a recovery phase. He also repeatedly emphasized the opinion that, in situations like the current difficulties in quarantine, the funds should be focused on small business owners, self-employed individuals, and vulnerable employment groups who have been affected.

On the morning of the 18th, during a New Year's press conference, President Moon was asked about the method of payment for the 4th disaster relief fund being discussed in the political sphere. He stated, "Currently, the 3rd disaster relief fund is being distributed, and it is not the time to discuss the 4th support fund." He explained, "If the 4th disaster relief fund is distributed, a supplementary budget will have to be prepared, and government bonds will have to be issued," adding, "Since the 2021 budget has just begun to be executed, I think it is too early to talk about the 4th disaster relief fund."

When asked about which payment method?universal or selective?would be chosen if the funds were to be distributed later, he said, "It depends on the quarantine situation," emphasizing, "If the difficult quarantine situation continues and the damage persists, it is naturally appropriate for the 4th disaster relief fund to be provided in the form of selective support, focusing more heavily on small business owners, self-employed individuals, and vulnerable employment groups." He continued, "If COVID-19 is contained and the situation allows for full-scale consumption stimulation or support for citizens who have endured for a long time, then universal support can also be considered." He added, "It is not a matter where one can draw a clear line on what is right."

Regarding the issue of polarization, which is expected to intensify due to COVID-19, he mentioned measures such as disaster relief funds and support for employment retention and promotion. Specifically, concerning the profit-sharing system proposed by Lee Nak-yeon, leader of the Democratic Party of Korea, he clearly stated that it "cannot be enforced." President Moon said, "While some groups are suffering due to COVID-19, there are also COVID winners," emphasizing, "If companies that are performing well and making money contribute to create a fund to help those suffering, that would be a very good thing." However, he added, "I think the government cannot enforce that," and said, "It is very desirable for this to be carried out as a voluntary movement within the private economic sector, and for the government to provide strong incentives to companies that participate."

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