The Moon administration is going to start work on a fourth supplementary budget to deal with the pandemic and its impact on people’s livelihoods.
The agreement was reached Sunday at a high-level meeting between the ruling Democratic 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 support to those hit hardest by the pandemic.
In particular, it will be used for job stabilization funds, as well as financial support for the self-employed, the owners of mom-and-pop stores and those on low incomes.
The supplementary budget will be financed through the issuance of state bonds.
The government plans to submit a proposal 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.

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