'Largest Ever' Supplementary Budget to Be Released Starting Tomorrow... 75% to Be Executed Within 3 Months

Holding Bi-Monthly Financial Management Review Meetings... "Monitoring Supplementary Budget Execution Status"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The largest-ever third supplementary budget (supplementary budget) to overcome the economic crisis caused by the novel coronavirus infection (COVID-19) and prepare for the post-COVID era will be released starting from the 6th.

According to the Ministry of Economy and Finance on the 5th, each ministry plans to begin execution from Monday. The government plans to spend three-quarters of the supplementary budget within the next three months.

This supplementary budget amounts to 35.1 trillion won, surpassing the 2009 supplementary budget of 28.4 trillion won during the global financial crisis. The government has set a goal to execute more than 75% of the supplementary budget within three months after it passes the National Assembly.

Considering the timing of approval, this means a significant portion of the supplementary budget will be spent by early October. The first supplementary budget was executed over 90%, and the second nearly 100%, so the third supplementary budget is also expected to be rapidly deployed considering urgent demands on the ground.

The government plans to focus support on employment retention projects and short-term job projects to minimize the economic impact of COVID-19. Additionally, it intends to back companies in maintaining jobs through various policy financing measures.

Meanwhile, attention will also be paid to the execution of budgets related to the Korean New Deal and COVID-19 quarantine. The Ministry of Economy and Finance will hold bi-monthly fiscal management inspection meetings to monitor the execution status of the supplementary budget and respond immediately to any field difficulties.