Gov't Agrees 3rd Round of Coronavirus Relief
30 November, 2020
The federal government on Sunday agreed on a third round of coronavirus payouts to the tune of W4 trillion (US$1=W1,103).
The money will come out of subsequent year's budget and you will be given to self-employed people and small businesses. The federal government hopes to pay the amount of money out in January or February.
The ruling Minjoo Get together has already promised to set aside W1.3 trillion to procure COVID-19 vaccines for 44 million persons. If all would go to plan, the spending plan will increase from the previously proposed W556 trillion to around W558 trillion reflecting increased bills incurred by the epidemic, and the federal government will concern around W2 trillion worthwhile of bonds to cover them.
An MP lawmaker told the Chosun Ilbo, "The ruling and opposition get-togethers are negotiating the spending budget, so a final decision ought to be made this week."
But the key opposition People Power Get together, which had proposed the third round of pain relief payouts, is now opposed to issuing bonds. Choo Kyung-ho, a rank PPP member of the National Assembly's spending budget committee, explained, "The government's 2021 price range [W556 trillion] already involves W90 trillion with debt, and trying to improve borrowing without shaving W2 trillion from the super-sized finances is irresponsible."
The federal government spent W14.3 trillion to finance the first of all spherical of relief payouts and W7.8 trillion for the next. The second round of payouts was totally financed by bonds, and Korea's fiscal personal debt soared to W846.9 trillion, as the ratio of fiscal debt to GDP has already reached an archive 43.9 percent.
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