South Korean govt will present additional budget bill to parliament

The finance minister said Wednesday that the South Korean government planned to submit a supplemental budget bill to parliament later this week to help Covid-19 pandemic-affected microbusiness owners.

In his first meeting with the ruling People Power Party (PPP), Minister of Economy and Finance Choo Kyung-ho said the government drafted the additional budget measure to compensate small merchants and self-employed people who suffered a lot during the pandemic.

Choo stated that the law would be approved by the Cabinet on Thursday and then submitted to the National Assembly on Friday.

President Yoon Suk-government Yeol was inaugurated the day before the budget blueprint was announced.

Rep. Kweon Seong-dong, People Power Party floor leader, stated during the meeting that a cash handout of at least 6 million won (approximately 4,700 US dollars) per person should be offered to approximately 3.7 million small merchants, self-employed individuals, and small firms with revenue of less than 3 billion won (2.3 million U.S. dollars).

On the campaign trail, President Yoon promised to compensate pandemic-affected small merchants with over 50 trillion won (39 billion US dollars).

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