Ahn Cheol-soo Holds First Economic Subcommittee Meeting... "Discussing Support for COVID-19 Damage"

Ahn Cheol-soo, the chairman of the transition committee, is speaking at the first plenary meeting of the Presidential Transition Committee held on the morning of the 18th at the Financial Supervisory Service Training Institute in Jongno-gu, Seoul.
[Photo by Yonhap News]

On the 18th, Ahn Cheol-soo, the chairman of the presidential transition committee, held the first working meeting with the Economic Subcommittee 1 members and began the full-scale process of organizing national policy tasks. Chairman Ahn first brought up support for small business owners affected by the COVID-19 crisis and expenditure structure adjustments as agenda items.

On the 18th, the transition committee's press office announced through a media release, "Today, Chairman Ahn held the first luncheon and working meeting in the chairman's office after the conclusion of the first plenary session, together with Choi Sang-mok, the secretary of Economic Subcommittee 1, members Shin Sung-hwan and Kim So-young, and spokesperson Shin Yong-hyun."

They added, "The attendees discussed ways to assist small business owners, self-employed individuals, and citizens affected by the ongoing COVID-19 crisis, as well as measures to be sufficiently prepared for any future pandemic situations."

Furthermore, they stated, "They also discussed plans to fully secure fiscal stability and sustainability through expenditure structure adjustments and improving fiscal efficiency."

During his candidacy, President-elect Yoon announced plans to secure more than 50 trillion won in fiscal funds to support small business owners and self-employed individuals affected by the COVID-19 pandemic and to provide rightful compensation for losses.

He also pledged to implement a 'COVID Emergency Relief Program' during the first 100 days after inauguration to support small business owners and the self-employed. This includes extending loan maturities and providing tax support, financial aid, and assistance with taxes, utility bills, rent, and labor costs.

The COVID Emergency Response Special Committee within the transition committee, led directly by Chairman Ahn, is expected to draft a specific supplementary budget size for damage compensation, after which the government would prepare the supplementary budget proposal.

However, additional discussions in the National Assembly are likely necessary regarding the scope of loss compensation, support scale, and funding methods. The Democratic Party of Korea has advocated securing funds through excess tax revenue and government bond issuance, while the People Power Party has emphasized securing funds through budget expenditure restructuring.

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