Yoon Administration's 59 Trillion Won Supplementary Budget... "Compensating Pandemic Losses Is a National Duty" (Comprehensive)

"Minimum 6 Million to Maximum 10 Million Won Paid as Promised"... Attention Drawn to Two Ministers from Moon Administration Attending

[Image source=Yonhap News]

[Asia Economy reporters Baek Kyunghwan and Lee Gimin] On the 12th, President Yoon Seok-yeol held an extraordinary Cabinet meeting and approved a supplementary budget bill focused on COVID-19 loss support for small business owners. The supplementary budget amounts to 3.64 trillion KRW based on central government general expenditures, totaling 59.4 trillion KRW including local transfer funds. President Yoon stated, "It is the state's duty to compensate the losses incurred by the people during the implementation of COVID-19 quarantine measures," adding, "As promised, we will provide loss compensation payments ranging from a minimum of 6 million KRW to a maximum of 10 million KRW to small business owners."

In the afternoon, President Yoon held the extraordinary Cabinet meeting at the Yongsan Presidential Office in Seoul to review and approve the supplementary budget bill, explaining, "We secured the funds without issuing additional government bonds by restructuring expenditures and utilizing excess tax revenues."

This supplementary budget is the second largest of the year. It primarily involves providing additional loss compensation payments worth between 6 million KRW and 10 million KRW to small business owners affected by COVID-19 quarantine measures. President Yoon emphasized, "If we do not put out the urgent fire right now, it could shake fiscal soundness with greater welfare costs in the future, so loss compensation payments must be provided timely to those in need."

He particularly urged, "I ask all ministers to do their best during the National Assembly's review and execution process so that the supplementary budget passes swiftly and compensates the losses of small business owners." President Yoon explained, "As I have always emphasized, it is the state's duty to compensate the losses incurred by the people during the implementation of COVID-19 quarantine measures," adding, "If the government restricts the exercise of citizens' property rights and fails to properly compensate losses, it is difficult to consider it a true rule-of-law state."

On the same day, presiding over his first Cabinet meeting, President Yoon also expressed, "I promised to return the Blue House to the people and communicate closer to the citizens, and I am pleased to take the first step." A key official from the Presidential Office added, "This extraordinary Cabinet meeting is significant as the first meeting signaling the Yongsan era. The Blue House, symbolizing the imperial presidency, was already returned to the people upon inauguration," further stating, "This Cabinet meeting was conducted reflecting President Yoon's work style, aiming to keep promises quickly without being bound by formal frameworks or existing Cabinet meeting schedules."

However, to meet the quorum requirement for the Cabinet meeting (11 Cabinet members), Minister of Health and Welfare Kwon Deok-cheol and Minister of Land, Infrastructure and Transport Noh Hyung-wook, who were appointed during the previous Moon Jae-in administration and are still in office, attended. A Presidential Office official commented, "It seems the two who came agreed to help ensure there is no gap in state affairs."

Meanwhile, regarding the Democratic Party of Korea's suggestion to implement a supplementary budget of 47 trillion KRW, a key Presidential Office official responded, "Since the Cabinet meeting just concluded and the supplementary budget was resolved, it is too early to comment on that matter at this time."

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