Kim Du-kwan "4th Disaster Relief Fund Over 20 Trillion Won Paid... Up to 100 Trillion Won in Future"

Kim Du-gwan, Member of the Democratic Party of Korea./Photo by Yoon Dong-joo doso7@

[Asia Economy Yeongnam Reporting Headquarters Reporter Ju Cheol-in] Kim Du-gwan, a member of the Democratic Party of Korea (Gyeongnam Yangsan-eul), claimed regarding the 4th COVID-19 disaster relief fund that "at least 20 trillion won should be paid, and up to 100 trillion won in the future."

On the 17th, Kim stated on his Facebook, "The scale of the (4th disaster relief fund) should be at least 20 trillion won, and up to 100 trillion won in the future, and I think it should be supported as broadly and deeply as possible."

He continued, "As Deputy Prime Minister Hong Nam-ki acknowledged in response to my inquiry during today's Ministry of Economy and Finance briefing, the reason why Korea's GDP decline rate was lower compared to comparable countries last year was due to the success of K-quarantine," and argued, "The amount contributed by K-quarantine to GDP is estimated to be over 100 trillion won."

He added, "The national economy as a whole gained over 100 trillion won thanks to the public's sacrifice for government quarantine measures, especially the low-income class's endurance of hardship, and the government gained over 20 trillion won," and said, "It is the government's natural duty to first return the over 20 trillion won gained by the government from the K-quarantine achievements to the people."

He said, "It would be best to immediately spend this money on the current 4th disaster relief," and "maximum support should be provided to the people who have overcome the national crisis so far, especially vulnerable groups such as small business owners suffering from hardship due to the disaster, employees of small businesses, youth and elderly who lost part-time jobs."

He also said, "If economic stimulus is necessary for the revival of the livelihood economy, universal payment of (disaster relief funds) should be made even by issuing government bonds at the point when the virus's transmissibility weakens," and "the scale of this year's nationwide disaster relief fund should be larger than last year's 13 trillion won."

Furthermore, he said, "The 100 trillion won contribution to GDP should be used to resolve the wealth gap widened by COVID-19."

Kim said, "Of course, 100 trillion won is not immediately the government's money and is a very large amount," but emphasized, "However, it is never just for the 100 trillion won gained through the sacrifice of the entire nation to go only to some groups."

He continued, "With 100 trillion won, I believe a significant part of the asset gap widened by COVID-19 can be resolved," and "because the basic asset system I envision can be expanded and implemented immediately."

Kim claimed, "Beyond the original basic asset system design that provides 20 million won to every newborn and more than 50 million won upon reaching adulthood, the ‘Equity Acquisition Type National Asset Housing System’ can be implemented immediately."

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