Ruling and Opposition Parties Agree on 11.7 Trillion Won COVID-19 Supplementary Budget... TK Support Increased by 1 Trillion Won (Update)

[Image source=Yonhap News]

[Asia Economy Reporters Kim Hyemin and Jeon Jinyoung] On the last day of the February extraordinary session of the National Assembly, the 17th, the ruling and opposition parties agreed on an additional supplementary budget bill (supplementary budget) to respond to the novel coronavirus infection (COVID-19).

The total amount was decided to maintain the government's proposal of 11.7 trillion won. Instead, 3 trillion won was secured through revenue adjustment and cuts to budgets less directly related to COVID-19, of which 1 trillion won will be additionally supported to Daegu and Gyeongbuk (TK).

Jeon Haecheol of the Democratic Party of Korea, Lee Jongbae of the United Future Party, and Kim Kwangsoo of the Democratic Integrated Lawmakers' Group, members of the National Assembly Budget and Accounts Special Committee, held a meeting in the afternoon and agreed on this supplementary budget bill.

Representative Kim explained, "While maintaining the 11.7 trillion won scale submitted by the government, we cut some parts less directly related to COVID-19 to secure 700 billion won and, through revenue adjustment (to compensate for insufficient tax revenue), secured more than 3 trillion won in total resources to provide about 1 trillion won more support to TK than the government proposal. Direct support budgets have been added to support areas directly affected in people's livelihoods."

Representative Lee said, "Since the damage has not been accurately investigated, only the scale has been decided for now," and added, "The government plans to create specific criteria later on who and how much to support and execute accordingly."

The ruling and opposition parties plan to process the supplementary budget bill at the plenary session at 11 p.m. after the Ministry of Economy and Finance completes the sheet work (preparation of the budget statement) and the Budget and Accounts Committee subcommittee and full committee meetings.