With the Spread of COVID-19, 'Corona Supplementary Budget' Becomes Visible

Lee In-young, floor leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 24th and delivering a speech. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kang Nahum] The rapid spread of the novel coronavirus infection (COVID-19) is accelerating the political circle's move to prepare an additional supplementary budget (supplementary budget).

Lee In-young, floor leader of the Democratic Party of Korea, said at the Supreme Council meeting on the 24th, "Yesterday (the 23rd), we officially requested the government to prepare a COVID-19 supplementary budget," emphasizing, "The key to the supplementary budget is timing. If the timing is missed, all remedies become ineffective and the effect is diminished."

Lee said, "Daegu and Gyeongbuk have been hit directly. It seriously threatens the domestic economy such as self-employed businesses and manufacturing," adding, "It is said that customers have significantly decreased in downtown Daegu and restaurant streets. We must protect the livelihoods and regional economy that are in crisis."

He added, "I hope the government speeds up the preparation of the COVID supplementary budget and the National Assembly reviews and processes it as soon as possible," and "I once again request the opposition party to show hope to the people with a united front between the ruling and opposition parties."

The government, which had initially shown a reserved stance on the supplementary budget, citing sufficient available budget such as contingency funds, also shifted its position to consider preparing a supplementary budget following the ruling party's request at a closed high-level party-government meeting held the previous day.

[Image source=Yonhap News]

The opposition parties, including the United Future Party, which had shown somewhat negative reactions to the supplementary budget, also switched to a cooperative mode. Shim Jae-chul, floor leader of the United Future Party, said at the Supreme Council meeting that day, "The United Future Party will cooperate across party lines in responding to COVID-19," and "We intend to cooperate with the use of contingency funds and the preparation of the supplementary budget."

However, he added, "Fiscal principles must be observed. The government should transparently disclose to the public how it will use the existing contingency funds and where and how the supplementary budget will be spent," and criticized, "President Moon Jae-in said about the supplementary budget of 11.6 trillion won prepared during the MERS outbreak, 'If the government had responded properly, there would have been no astronomical additional taxes. It revealed government incompetence.' I hope he recalls his own words as they are."

Meanwhile, Lee Hae-chan, the party leader, expressed an apology. He also promised to present measures against the Shincheonji Church, which was the cause of the rapid spread.

Lee said regarding the COVID-19 outbreak, "As the leader of the ruling party, I sincerely apologize to the people," and continued, "The party and government will mobilize all available means this week to control the spread of COVID-19," promising, "We will expedite the supplementary budget and strengthen an effective public-private quarantine system."

He added, "We will prepare special measures for the Shincheonji facilities and believers, which were the source of the spread," and said, "We will concentrate medical personnel, equipment, and quarantine capabilities in Daegu and Gyeongbuk, designated as special infectious disease control areas, and minimize the spread to other communities."