Ministry of Economy and Finance: "3rd Disaster Relief Fund, 96.6% of Cash-Based Projects Executed"

Kang Seung-jun, Director of Fiscal Management at the Ministry of Economy and Finance, and officials from related ministries are briefing on the status of the third disaster relief fund disbursement and future plans on the morning of the 16th at the Government Complex Sejong in Sejong City.
[Photo by Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] The Ministry of Economy and Finance announced that the execution rate of major cash support projects under the customized damage support measures (the 3rd disaster relief fund) announced in December last year has reached 96.6%. This statement came as a strong rebuttal to opposition parties' criticism that the execution rate of the already allocated budget is low, ahead of the National Assembly's review of the first supplementary budget (supplementary budget) for this year to provide the 4th disaster relief fund.

On the morning of the 16th, the Ministry of Economy and Finance held a 'Meeting to Check the Execution of Major Cash Support Projects under the Customized Damage Support Measures' chaired by Deputy Minister Kang Seung-jun at the Government Complex Sejong, and announced that as of the previous day, 4.4 trillion won had been paid to a total of 3.655 million eligible recipients.

The major cash support projects include ▲Small Business Owner Support Fund ▲Emergency Employment Stability Subsidy ▲Living Support Fund for Visiting and Care Workers ▲Income Stabilization Fund for Corporate Taxi Drivers. The Ministry explained, "Most of the cash support projects have been completed, and support for some new applicants currently under review is being carried out according to the planned payment procedures."

By project, the Small Business Owner Support Fund was paid 4 trillion won to a total of 2.843 million people (execution rate 96.6%), and 400 billion won was paid to 81,000 special-type workers (special employment workers) and freelancers whose income decreased due to COVID-19.

The Living Support Fund for Visiting and Care Workers was paid 26.7 billion won (500,000 won per person) to a total of 53,000 people, and the Income Stabilization Fund for Corporate Taxi Drivers was paid 38.7 billion won (500,000 won per person) to 77,000 people earlier this month (execution rate 96.9%).

The Ministry of Economy and Finance stated, "We plan to complete the execution of some unexecuted amounts for the Small Business Owner Support Fund and Visiting and Care Workers by the end of this month," and added, "We will thoroughly prepare to ensure that the supplementary budget under discussion in the National Assembly this year can be executed promptly once finalized."

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