South Korea Seeks $6.3 Billion Extra Budget to Aid Vulnerable
South Korean government plans to ask parliament for 7.5 trillion won this week, in what will be its fourth extra budget this year.
(Bloomberg) -- The South Korean government plans to ask parliament for about 7.5 trillion won ($6.3 billion) this week, in what will be its fourth extra budget this year as it battles a resurgence of the coronavirus.
While South Korea offered cash handouts to all households in May, the new funds will be used for aid to the more vulnerable sectors of society including low-income workers and some self-employed people, a ruling party spokesman said after a meeting Sunday between his Democratic Party head, Lee Nak-yon, Prime Minister Chung Sye-kyun and Finance Minister Hong Nam-ki.
The extra budget, the smallest of the extra allocations this year, has to be funded through government bond sales.
South Korea last allocated four extra budgets in 1961, which shows how desperate the current situation is, Lee said at the meeting.
The country reported 167 new coronavirus cases Sunday, the fourth consecutive day of fewer than 200 new infections after the nation imposed stricter social-distancing measures last month.
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