Jung Se-kyun: "Supplementary Budget Bill is a Livelihood Remedy and Vaccine... Must be Processed Quickly"

National Assembly Policy Speech

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] Prime Minister Chung Sye-kyun on the 5th requested the National Assembly to promptly approve the supplementary budget bill, calling it a "livelihood remedy" to alleviate the suffering of the urgently affected groups and a "livelihood vaccine" to prevent the deepening polarization of our society.

On the morning of the same day at the National Assembly, Prime Minister Chung delivered a policy speech regarding this year's first supplementary budget bill, amounting to 15 trillion won, prepared by the government, saying, "Please review and approve it quickly so that those in difficulty can receive support as soon as possible."

The government has prepared a total of 19.5 trillion won in the "4th customized damage support measures" for groups hit by COVID-19. Of this, the supplementary budget bill is worth 15 trillion won, and the remaining 4.5 trillion won will be utilized from the existing budget. About 8.1 trillion won will be spent to provide emergency damage support funds of up to 5 million won to small business owners and self-employed individuals, and employment stability support funds will be provided to special-type workers, freelancers, and corporate taxi drivers. Working poor such as street vendors are also included as beneficiaries.

Prime Minister Chung emphasized, "Although the fiscal conditions are difficult due to four supplementary budgets last year and expansionary fiscal policy this year, the livelihood of the people is the top priority in this unprecedented crisis." He added, "If the people's livelihoods collapse, the country's finances will also collapse. To protect the finances, the government must actively intervene now."

Addressing the National Assembly, Prime Minister Chung said, "The government will sincerely participate in the review process of the supplementary budget bill," and "We will actively consider reasonable alternatives proposed by lawmakers." He also added, "We will make thorough preparations so that the supplementary budget bill, including the 4th disaster relief fund, can be executed immediately upon passing the National Assembly."

Prime Minister Chung expressed concern, saying, "The pain caused by COVID-19 is indescribable, but a bigger problem is the deep scar of 'deepening polarization.' Just as polarization worsened after the International Monetary Fund (IMF) economic crisis, the aftereffects of overcoming COVID-19 may hold us back for a long time."

He continued, "Now, in addition to K-quarantine, we must create a model for 'K-recovery.' The government will also eliminate blind spots in employment insurance and expand the four major social safety nets. Compensation for losses due to business restrictions will also be legislated promptly."

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