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S. Korea vows to swiftly implement 4th extra budget

All News 09:12 September 25, 2020

SEJONG, Sept. 25 (Yonhap) -- South Korea's vice finance minister said Friday that the government will swiftly implement its fourth extra budget to help virus-hit small merchants and protect jobs.

Vice Finance Minister Kim Yong-beom said the budget is aimed at protecting vulnerable people's livelihoods, as a recent resurgence of coronavirus infections is expected to delay an economic recovery.

The fourth extra budget is a "targeted and flexible" stimulus package to support vulnerable people, Kim told a meeting with senior ministry officials.

The government will spare no efforts to provide relief handouts to small merchants before the Chuseok holiday that begins next Wednesday, Kim said.

Earlier this week, the National Assembly approved the fourth supplementary budget worth 7.8 trillion won (US$6.6 billion), mainly aimed at helping small merchants and self-employed people cushion the economic impact of the recent resurgence of the new coronavirus.

The additional fiscal boost will come less than a month after health authorities tightened social distancing rules to contain a new wave of infections amid growing concerns that the nation's economic slump may be deeper than expected.

Vice Finance Minister Kim Yong-beok speaks at a meeting with senior ministry officials on Sept. 25, 2020. (Yonhap)

kdh@yna.co.kr
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