Ruling Party, gov't agree to record 3rd extra budget to overcome COVID-19
Arirang News
2020-06-16
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당정, 적극재정 공감대…"3차 추경, 단일 최대 규모"
The government and the ruling Democratic Party have agreed a record third supplementary budget proposal to overcome COVID-19.
In a meeting on Monday, Finance minister Hong Nam-ki vowed to submit the government's budget proposal to parliament by Thursday and the ruling party promised efforts to swiftly pass the third budget within June.
The two sides plan to implement 75 percent of the budget within the next three months.
It will be used to cope with the economic fallout from the pandemic by injecting up to 8.1 billion U.S. dollars for emergency funding of small enterprises, as well as installing 41,000 public wifi points by 2022.
The budget will also be used to develop treatments and vaccines and build up the nation's biotech industry.
The government and the ruling Democratic Party have agreed a record third supplementary budget proposal to overcome COVID-19.
In a meeting on Monday, Finance minister Hong Nam-ki vowed to submit the government's budget proposal to parliament by Thursday and the ruling party promised efforts to swiftly pass the third budget within June.
The two sides plan to implement 75 percent of the budget within the next three months.
It will be used to cope with the economic fallout from the pandemic by injecting up to 8.1 billion U.S. dollars for emergency funding of small enterprises, as well as installing 41,000 public wifi points by 2022.
The budget will also be used to develop treatments and vaccines and build up the nation's biotech industry.
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