Gov't, ruling party push to pass 'biggest' COVID-19 response budget this month
SEOUL, June 1 (Yonhap) -- The government and the ruling party agreed Monday to earmark "the biggest single supplementary budget" for the country's third round of emergency COVID-19 response financing, aimed at helping the economy fight the impact of the new coronavirus pandemic.
The government and the Democratic Party (DP), during their meeting, also vowed to pass a bill on the new COVID-19 response budget through the National Assembly in June and execute 75 percent of the budget in the next three months.
Attending the meeting, Finance Minister Hong Nam-ki said the government plans to submit the extra budget bill to the chamber Thursday.
"It will be the biggest single supplementary budget (bill) in history, which takes all into account, bolstering (the country's) financial capability, boosting the economy in the latter half of the year and expanding the social security net," according to the finance minister.
"The government will make preparations in a way that 75 percent of the new extra budget can be spent in the following three months upon its parliamentary passage," he also said.
In late April, the National Assembly approved a 12.2 trillion-won (US$9.9 billion) extra budget as the country's second COVID-19 response special budget following the first related budget of 11.7 trillion won, approved in March.
The upcoming extra budget is widely reported to surpass the 30 trillion-won level.
Speaking to the meeting, DP floor leader, Rep. Kim Tae-nyeon said, "Ample national finances will serve as a bulwark for (securing) liquidity and stable employment."
Kim also vowed efforts for the parliamentary approval of the bill in June on behalf of his party, which controls a majority of 177 seats in the 300-member chamber.
pbr@yna.co.kr
(END)
-
(News Focus) Display, electronics makers dealt blow by COVID-19 lockdowns in China
-
BTS to meet Biden at White House to discuss anti-Asian hate crimes
-
(URGENT) Russian, Chinese warplanes enter S. Korea's air defense zone without notice: JCS
-
Multiple Russian, Chinese warplanes enter KADIZ without notice: JCS
-
Premier League Golden Boot winner Son Heung-min receives hero's welcome home
-
(5th LD) Yoon, Biden agree to expand joint military exercises to cope with N.K. threats
-
(LEAD) Multiple Russian, Chinese warplanes enter KADIZ without notice: JCS
-
(News Focus) Display, electronics makers dealt blow by COVID-19 lockdowns in China
-
With historic Golden Boot, Son Heung-min cements case as greatest S. Korean footballer ever
-
(URGENT) Russian, Chinese warplanes enter S. Korea's air defense zone without notice: JCS
-
S. Korean volunteer fighter in Ukraine returns home with injuries
-
S. Korean midfielder Hwang Hee-chan to enter military training after 2 friendlies in June
-
BTS to meet Biden at White House to discuss anti-Asian hate crimes
-
S. Korea's new COVID-19 cases below 20,000 for 2nd day as omicron wave ebbs
-
U.N. Security Council fails to pass N. Korea resolution due to opposition by China, Russia