Kim Tae-nyeon "4th Disaster Relief Fund, Selective Payment by End of March"

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 10th and delivering an opening remark. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Koo Chae-eun] Kim Tae-nyeon, floor leader of the Democratic Party of Korea, stated on the 14th, "There will be discussions on the processing of the 4th disaster relief fund through today's high-level party-government consultation." Regarding the timing of the payment, he said, "I think it should be from the latter half of March."

At a press briefing on Lunar New Year public sentiment held at the National Assembly that afternoon, Floor Leader Kim said, "Before Lunar New Year, the policy heads of the party, government, and Blue House agreed on the need to promptly organize and process the 4th disaster relief fund."

He explained, "We will first discuss tailored damage support, and support funds to stimulate domestic demand will be discussed while monitoring the COVID-19 containment situation. We plan to organize the supplementary budget related to the disaster relief fund in February, submit it to the National Assembly in early March, and have it processed within March, so the selective payment of the 4th disaster relief fund should be made from the latter half of March at the latest."

Floor Leader Kim added, "Both health authorities and private experts predict that COVID-19 containment will not happen quickly, so the payment of disaster relief funds for consumption stimulation should be considered only after the pandemic is under control. This does not mean we will not provide universal payments. Since the third wave has prolonged, causing significant damage and prolonged suffering for small business owners and self-employed individuals, the supplementary budget for February and March should primarily focus on supporting affected industries and vulnerable groups."

Regarding the overlap between the timing of the April 7 by-elections and the payment schedule, he said, "The by-elections are not a critical point for deciding the payment timing. It is difficult to specify the timing for the consumption stimulation disaster relief fund payment. However, the damage to small business owners, self-employed individuals, and vulnerable groups must be clearly resolved, so we aim to advance the payment timing as much as possible."

On the scale of the supplementary budget, he said, "It should be larger than the third disaster relief fund. Regarding support based on the sales upper and lower limits for small business owners, the sales upper limit should also be raised and decided." When asked whether funds needed for universal payments would be reflected in the supplementary budget, he replied, "The combination of selective and universal payments is an issue to discuss with the government, but it may be difficult to organize accounts that will not be paid immediately. We will confirm the principles of organization and order the party to organize the budget quickly and substantially."

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