Presidential Office on Flood Recovery: "Comprehensive Coverage of Finance, Tax, and Banking... No Supplementary Budget Needed"

Choi Sang-mok, Senior Secretary for Economic Affairs... "Immediately investigate affected areas after heavy rain ends and proactively declare special disaster zones"

[Image source=Yonhap News]

[Asia Economy Reporter Baek Kyunghwan] President Yoon Suk-yeol stated on the 11th regarding the heavy rain damage, "Recovery and support are urgent, and we will mobilize all administrative power for compensation for human casualties, relief for disaster victims, and support for small business owners in the severely affected areas." However, the Presidential Office does not foresee the need for a supplementary budget for this purpose.

Choi Sang-mok, Chief Secretary for Economic Affairs, held a briefing at the Yongsan Presidential Office building in the afternoon and said, "The government will conduct damage assessments immediately after the heavy rain situation ends, proactively declare special disaster zones, and promptly establish recovery plans for human and facility damages. We aim to complete this before Chuseok by providing swift and sufficient support across financial, tax, and monetary sectors."

He added, "Even before the recovery plan is established, if urgent needs arise, all available response measures held by each ministry will be fully mobilized to provide immediate support. In the tax sector, support will include extensions for tax filing and payment deadlines, and in the financial sector, extensions for loan maturities will be provided promptly."

In particular, Chief Secretary Choi reported, "Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho plans to supply the largest-ever volume of seasonal goods to the market and provide discount coupons to prevent inflation and difficulties in stabilizing people’s livelihoods due to the heavy rain damage." He added, "Through this, the average price of seasonal goods for the 20th Chuseok will be managed at the same level as one year ago."

According to the Presidential Office, the supply volume of Chuseok seasonal goods mentioned by President Yoon on this day is 230,000 tons, which is 1.4 times the normal level, and the discount coupon support amounts to 65 billion won, which is 1.8 times that of the previous year. However, there is no need to prepare a supplementary budget (Chugyeong) for funds related to heavy rain damage recovery and compensation.