S. Korean lawmakers to begin reviewing second extra budget bill for payout of disaster funds
- 4 years ago
오늘부터 추경안 심사 시작...재난지원금 급물살
After clashing over the details of the second extra budget bill designed to help South Korea overcome the coronavirus outbreak,... lawmakers are set to start reviewing the bill on Monday.
This comes as the South Korean government is set to draw up its third supplementary budget bill for this year to boost the job market.
That budget could amount to over 24 billion U.S. dollars.
Kim Hyo-sun reports.
On Monday, South Korean lawmakers will start the process of reviewing a second supplementary budget bill designed to pay emergency disaster relief money to citizens.
This time, the target of the relief money has been extended to include all households from the original bottom 70 percent income bracket.
The main opposition United Future Party is suggesting local governments adjust their expenditure to cover a portion of it rather than selling additional state bonds.
"We need to be financing through our existing budget rather than issuing deficit-covering bonds. We urge the government and the ruling party to adjust the budgets to mobilize an additional 1 trillion won from municipalities."
Such conditions were agreed upon by the ruling party which called for the swift passage of the bill by Wednesday to have the support payouts ready for May 13th, as it had pledged.
"The conflicts have been resolved and we call for necessary procedures to be taken. I expect no more confusion."
The second budget bill, which was originally some 6-point-1 billion U.S. dollars, has now almost doubled to 11-point-6 billion dollars.
Moreover, the South Korean government is planning to announce this year's third extra budget to support emergency job aid,... which could top 24 billion dollars.
Finance Minister Hong Nam-ki said last week that the bill would be "substantial" to protect the country's job market following the biggest job losses in more than a decade in March due to the COVID-19 pandemic.
This is the first time in half a century that South Korea has drawn up three supplementary budgets in a single year.
Kim Hyo-sun, Arirang News.
After clashing over the details of the second extra budget bill designed to help South Korea overcome the coronavirus outbreak,... lawmakers are set to start reviewing the bill on Monday.
This comes as the South Korean government is set to draw up its third supplementary budget bill for this year to boost the job market.
That budget could amount to over 24 billion U.S. dollars.
Kim Hyo-sun reports.
On Monday, South Korean lawmakers will start the process of reviewing a second supplementary budget bill designed to pay emergency disaster relief money to citizens.
This time, the target of the relief money has been extended to include all households from the original bottom 70 percent income bracket.
The main opposition United Future Party is suggesting local governments adjust their expenditure to cover a portion of it rather than selling additional state bonds.
"We need to be financing through our existing budget rather than issuing deficit-covering bonds. We urge the government and the ruling party to adjust the budgets to mobilize an additional 1 trillion won from municipalities."
Such conditions were agreed upon by the ruling party which called for the swift passage of the bill by Wednesday to have the support payouts ready for May 13th, as it had pledged.
"The conflicts have been resolved and we call for necessary procedures to be taken. I expect no more confusion."
The second budget bill, which was originally some 6-point-1 billion U.S. dollars, has now almost doubled to 11-point-6 billion dollars.
Moreover, the South Korean government is planning to announce this year's third extra budget to support emergency job aid,... which could top 24 billion dollars.
Finance Minister Hong Nam-ki said last week that the bill would be "substantial" to protect the country's job market following the biggest job losses in more than a decade in March due to the COVID-19 pandemic.
This is the first time in half a century that South Korea has drawn up three supplementary budgets in a single year.
Kim Hyo-sun, Arirang News.