Presidential Office to 'Immediately Approve' Supplementary Budget After Cabinet Meeting Approval

Government to Hold Extraordinary Cabinet Meeting Chaired by Prime Minister Han Deok-su on the 30th to Approve Supplementary Budget

Speaker of the National Assembly Park Byeong-seok, Democratic Party Floor Leader Park Hong-geun, People Power Party Floor Leader Kwon Seong-dong, and Deputy Prime Minister for Economy Choo Kyung-ho are taking a commemorative photo at a meeting related to the supplementary budget held in the Speaker's office on the 29th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Minji Lee] It has been reported that President Yoon Seok-yeol plans to immediately approve the supplementary budget bill once it passes the National Assembly. The bill is scheduled to be processed in the plenary session on the night of the 29th, following an agreement between the ruling and opposition parties.

In this regard, Prime Minister Han Duck-soo will hold a 'supplementary budget one-point' emergency Cabinet meeting at 8 a.m. on the 30th at the Government Seoul Office to deliberate and approve the bill. Afterwards, President Yoon is expected to promptly approve the supplementary budget. If this proceeds as planned, the payment of COVID-19 loss compensation is likely to begin as early as the afternoon of the 30th. President Yoon is also expected to deliver a public message regarding the supplementary budget processing during the senior secretaries' meeting that day.

Earlier, just two days after his inauguration on the 12th, President Yoon presided over an emergency Cabinet meeting at the Yongsan Office to deliberate and approve the supplementary budget bill. In his remarks at that Cabinet meeting, President Yoon emphasized the urgent need for prompt processing of the supplementary budget, stating, "If we do not put out the urgent fire right now, it could shake fiscal soundness with greater welfare costs in the future, so loss compensation must be paid timely to those in difficulty."

On the 16th, during his first policy speech at the National Assembly, he stated, "Considering that stabilizing people’s livelihoods is more urgent than ever, I earnestly request the National Assembly’s cooperation to ensure the supplementary budget can be finalized as soon as possible."