Vice Minister of Economy: "Emergency Disaster Relief Fund to be Paid Before Chuseok as Much as Possible... Saehopeum Fund Application Odd-Even System"

Ahn Il-hwan, 2nd Vice Minister of Strategy and Finance

[Asia Economy Reporter Kwangho Lee] An Il-hwan, the 2nd Vice Minister of the Ministry of Economy and Finance, stated on the 23rd, "The government plans to swiftly execute the emergency disaster relief funds secured through the 4th supplementary budget to provide some support to citizens facing livelihood and employment difficulties due to the novel coronavirus disease (COVID-19), aiming to distribute the funds as much as possible before Chuseok."

At the emergency fiscal management inspection meeting held at the Government Seoul Office on the same day, Vice Minister An said, "The 4th supplementary budget amounting to 7.8 trillion won was confirmed by the National Assembly on the 22nd, and this supplementary budget is a 'customized emergency disaster relief package' that provides direct and practical support tailored to the affected groups."

Vice Minister An emphasized, "Supporting victims of COVID-19 requires not only swift execution but also ensuring that citizens receive support without inconvenience."

He added, "Each ministry and local government should clearly inform the public about the support details through various media such as social network services (SNS), press, and publications, and prepare the system in advance so that citizens' inquiries can be smoothly resolved through operations like the 'Cheer Up Korea Call Center' (main number 110)."

Vice Minister An also mentioned, "Since the execution period before Chuseok is not long, the cooperation of the public is more necessary than anything else for the smooth disbursement of the support funds."

In particular, he explained, "Considering that system disruptions and confusion may occur if applications concentrate in a short time, the government plans to operate a staggered application system for the Small Business New Hope Fund (based on the last digit of the business registration number, limited to the 24th and 25th), and a split application system for the 1st and 2nd rounds of the Emergency Employment Stability Support Fund and the Youth Special Job-Seeking Support Fund (priority payment to existing beneficiaries and those with job program participation history)."

Furthermore, he added, "Considering that entering inaccurate information during the application process may cause delays in review and unnecessary time for re-verification, we ask citizens to provide accurate information."

Finally, Vice Minister An stressed, "Our economy is currently at a critical point due to the resurgence of COVID-19. Fiscal project managers in each ministry and local government should clearly recognize the importance of the role required of fiscal policy at this crucial time that will determine the future course of our economy, and carry out fiscal execution with special resolve."