'14 Trillion' Supplementary Budget Passed at Cabinet Meeting... Prime Minister Kim Requests Prompt Approval from National Assembly (Update)

The 4th Extraordinary State Council Meeting

Prime Minister Kim Boo-kyum is presiding over an extraordinary Cabinet meeting held at the Government Seoul Office Building on the 21st. At the extraordinary Cabinet meeting held that day, the government finalized the supplementary budget bill for small business owners and self-employed individuals affected by the novel coronavirus disease (COVID-19). January 21, 2022.
[Photo by Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] The 'one-point' supplementary budget (supplementary budget) worth a total of 14 trillion won to support small business owners and quarantine measures passed the Cabinet meeting on the 21st.

Prime Minister Kim Boo-kyum chaired an emergency Cabinet meeting at the Government Seoul Office in the morning to review the supplementary budget and said, "Although less than a month has passed since the beginning of this year, the government urgently prepared the supplementary budget to alleviate the pain of small business owners and self-employed people as soon as possible." Regarding the suspension of the phased daily recovery and the re-strengthening of social distancing in December last year, he reflected, "It was a situation where there was no other choice for the safety of our community, but I could not help feeling truly sorry and apologetic for the reality that could not support their hopes."

Prime Minister Kim explained, "The government prepared a supplementary budget worth a total of 14 trillion won for urgent projects essential for supporting small business owners and strengthening quarantine," adding, "Reflecting the intention that the additional tax revenue collected last year should be returned to the people, most of the funds were covered by issuing government bonds first because the settlement has not yet been completed."

He continued, "For small business owners whose sales have decreased, in addition to the 1 million won quarantine support fund previously paid, an additional 3 million won will be provided," and "Also, due to the recent extension of quarantine measures, the necessary funds under the Loss Compensation Act, which had been insufficient, were expanded." He added, "Essential quarantine and medical budgets such as securing hospital beds and introducing oral therapeutics were also reinforced to enable daily recovery as soon as possible."

The government plans to submit the supplementary budget to the National Assembly on the 24th. Prime Minister Kim said, "Since the ruling and opposition parties have been discussing the necessity of the supplementary budget considering the urgent current situation, I earnestly request active cooperation so that this supplementary budget can be promptly processed in the National Assembly."

He also emphasized, "Each ministry should make thorough preparations so that the supplementary budget can be executed immediately after passing the National Assembly," and "The government will use all possible means to help small business owners and self-employed people as long as the fiscal situation allows."