The agreement was reached Sunday at a high-level meeting between the ruling party, government and the Blue House.
Worth over 7 trillion won, or roughly 6 billion U.S. dollars, it will be used to provide tailored financial support to those hit hardest.
“We will draw up measures to provide tailored support focused on the vulnerable, including the unemployed, youth, freelancers, low-income people, merchants and the self-employed.”
Earlier this year, the government used an extra budget to hand out emergency relief payments of up to 840 dollars to ALL households.
The fourth extra budget will be financed through the issuance of state bonds.
The government plans to submit the bill to the National Assembly this week for approval before the Chuseok holiday, which starts in late September this year.
It’s the first time in almost six decades for the government to draw up four extra budgets in one fiscal year.
“People’s livelihoods and the economy are in a desperate situation. The extra budget must be implemented as soon as possible to help the people in the most distress. I hope it can be implemented before the Chuseok holiday.”
The government says that ahead of the holiday, it will also roll out a support package designed to support people’s livelihoods.
It will be aimed at easing the financial burden on households by managing the prices of food and daily necessities, as well as provide support for traditional markets and small and medium-sized companies.
Kim Min-ji, Arirang News.