Prime Minister Kim: "Supporting Small Business Owners in Any Form During 'This Period'... Announcement Scheduled for This Morning"

[Sejong=Asia Economy Reporter Son Seon-hee] Prime Minister Kim Boo-kyum said on the 17th regarding the timing of support for small business owners and self-employed workers following the strengthening of social distancing measures, "If possible, we need to find some form of support plan during this period (year-end)," adding, "The government will announce a joint support plan this morning."

In an interview with MBC Radio's 'Kim Jong-bae's Focus' on the same morning, when asked about the timing of 'prior support,' Prime Minister Kim said, "The year-end and New Year period is a peak season for small business owners and self-employed workers, so when asking them to give up their business during this time, the government should provide at least minimal support measures accordingly." He added, "The government will try to find a way within this year's budget."

Prime Minister Kim stated, "At this point, it takes too much time to individually calculate the damage scale for each business," and "However, it would be difficult to express it simply as 'advance payment' due to challenges in fiscal execution, so we will look for an appropriate method," refraining from specifying concrete plans.

Regarding the large-scale fiscal support pledges of '50 trillion won' or '100 trillion won' proposed mainly by ruling and opposition presidential candidates in the political sphere, he firmly said, "That is impossible within our current budget scale." He continued, "If it moves into next year, the ruling and opposition parties need to reach an agreement in the National Assembly, and if it is to be 50 trillion or 100 trillion won, a funding plan must also be presented," adding, "The damage to small business owners and self-employed workers will not end quickly." This indicates that a one-time large-scale fiscal injection is not appropriate for supporting damages caused by the prolonged COVID-19 situation.

Regarding the government's decision to end the high-intensity social distancing measures on 'December 2nd,' he said, "Since there is a lot of movement and contact among the public during the year-end and New Year period, we are requesting to reduce contact during that time," but expressed concern that "(the time to secure the medical system) is not sufficient." He also encouraged vaccination participation, saying, "By then, about 12 million people in the high-risk group are expected to complete the third additional vaccination."