[Asia Economy Reporter Koo Chae-eun] The Democratic Party of Korea and the government have agreed to prepare a supplementary budget bill this week to support the fourth round of disaster relief funds totaling 19.5 trillion won.
On the afternoon of the 28th, the party, government, and Blue House held a meeting at the National Assembly attended by Lee Nak-yeon, leader of the Democratic Party, Prime Minister Chung Sye-kyun, and Kim Sang-jo, chief of the Blue House Policy Office, where they reached this agreement. Lee Nak-yeon said, "We have significantly expanded the recipients of disaster relief funds among businesses subject to gathering bans or restrictions," adding, "The amount received has also been increased so that 'wider and thicker' support can be provided simultaneously." He also stated, "It seems that about 2 million people who were not previously eligible for support are newly included," and expressed gratitude for the efforts of the financial authorities.
Prime Minister Chung Sye-kyun said, "The supplementary budget bill finalized today by the party, government, and Blue House will be submitted to the National Assembly on March 4 after Cabinet deliberation," and added, "The government will make every preparation to promptly execute the budget once it is passed." He also said, "We will swiftly establish a loss compensation system through close cooperation between the party and government," and noted, "The profit-sharing social solidarity fund can serve as a stepping stone to overcome difficulties during this national crisis. The party and government will closely cooperate to promptly prepare related legislation."
Kim Tae-nyeon, floor leader of the Democratic Party, explained, "This supplementary budget includes small businesses with five or more regular employees in gathering-ban and restricted industries to eliminate blind spots, and the sales limit for general industries has also been raised," adding, "New entrepreneurs are also included as beneficiaries." He further stated, "Electricity bills for self-employed individuals will be reduced, and support will also be provided to special workers, freelancers, corporate taxi drivers, care service workers, street vendors, and low-income university students." Kim said, "The budget also includes funds for nationwide free COVID-19 vaccination, including overseas vaccine purchases and vaccination infrastructure," and explained, "Once the supplementary budget bill is submitted to the National Assembly, we will promptly begin review so that payments can start from the end of March."
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