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S. Korean government draws up US$ 6.6 bil. extra budget proposal to provide tailored support

2020-09-10 9 Dailymotion

정부, 7조8천억 규모 4차 추경 편성…"피해맞춤형 재난지원"<br /><br />Our starting point tonight: South Korea is drawing up another 6-point-6 billion dollars - the fourth supplementary budget this year - JUST to aid struggling small businesses facing mass closures amid unprecedented social distancing restrictions to curb a resurgence of Covid-19.<br />For instance, small businesses that have been ordered closure like internet cafes and singing rooms are eligible for up to 17-hundred dollars in cash.<br />Targeted, more customized support for those hit hardest by the virus resurgence.<br />Our senior Blue House correspondent Kim Minji leads our coverage.<br />The government's fourth extra budget of the year has been set at 7-point-8 trillion won,... or roughly 6-point-6 billion U.S. dollars.<br />It will be used to provide tailored support focused on the most vulnerable industries and people affected by the resurgence of COVID-19.<br />The extra budget is for disaster relief tailored to the kinds of damages sustained and is focused on providing vulnerable industries and social classes with the sturdiest support we can. I know that the amount is not enough, but it's the best the government can do. I hope it can help people get through these difficulties.<br />About half of the budget will be focused on support for the self-employed and small merchants which will include cash payments for some 2-point-9 million people.<br />Small merchants who've had to limit their business hours because of social distancing rules, like restaurants and cafes, can get around 12-hundred dollars.<br />The owners of facilities designated as high-risk, like PC cafes and karaokes, which have been forced to close entirely,... will be eligible for about 17-hundred dollars.<br />Also, merchants with annual revenue of less than 340-thousand dollars... will get roughly 870 dollars.<br />In addition, over one billion dollars will be used to help companies affected by the virus keep people employed.<br />Part of the budget will be directed at easing the burden of childcare... by raising the age limit for child benefits meaning that over 5 million people can get help.<br />Another portion will be used to give South Koreans aged 13 and over a one-off discount of about 17 dollars off their phone bills to provide consolation to people enduring the pandemic.<br />Speedy support is crucial for those facing a threat to their survival. I ask the National Assembly to pass the budget bill swiftly, and for government officials to make preparations so that the budget can be implemented before the Chuseok holiday.<br />The extra budget will be financed through the issuance of state bonds.<br />It's the first time in almost six decades that the government has drawn up four extra budgets in one fiscal year.<br />Earlier this year,... the government used an extra budget to hand out emergency relief payments of up to 870 dollars to ALL households.<br />President Moon asked for understanding that there was no choice this time but to take a more tailored approach to maximize the effects of limited financial resources

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