Kim Yong-beom, 1st Vice Minister of Economy and Finance, "Comprehensive COVID-19 Measures to Be Announced Soon"

[Asia Economy New York=Correspondent Baek Jong-min] Kim Yong-beom, the 1st Vice Minister of the Ministry of Economy and Finance, expressed concern on the 18th (local time) that the novel coronavirus infection (COVID-19) would deliver a considerable shock to the Korean economy and said that the first comprehensive measures would be announced soon. Regarding the possibility of drafting a supplementary budget (chugyeong), he left a hint by saying, "There is sufficient fiscal capacity."

After attending the 'Korea Innovation Week' event held in Washington, USA, Kim said to correspondents, "China is the world's second-largest economy, and since we are very closely related to the Chinese economy, I believe a considerable shock is inevitable."

He added, "We need to observe for another month or two," and said, "It does not seem like it will immediately affect the gross domestic product (GDP) that badly, but it seems like it will last long. I am somewhat worried about such a situation."

Regarding President Moon Jae-in's designation of the situation as an emergency economic situation, Kim diagnosed, "There is no need for the public to unnecessarily refrain from activities due to anxiety, but the situation itself is serious."

Regarding the possibility of drafting a supplementary budget, he said, "There is sufficient fiscal capacity secured," and mentioned, "I believe that the phrase 'drastic measures' mentioned by President Moon includes many things."

He continued, "I cannot definitively say whether there will be a supplementary budget," but added, "Since the President mentioned drastic measures, whether or not to draft a supplementary budget itself does not seem to be a big issue."

Regarding the drastic measures, he said, "We plan to announce the first comprehensive measures as soon as possible," and stated, "The President mentioned much bolder measures, and I think it is time to create bold and creative alternatives beyond precedents to overcome this shock well."