News Karnataka
Saturday, October 01 2022

New S Korean Govt expected to propose extra budget

Yoon Suk-yeol
Photo Credit : IANS

Seoul: The incoming South Korean Government of President-elect Yoon Suk-yeol is expected to announce an extra budget proposal estimated at some 34-36 trillion won ($26.8-28 billion) later this week in its efforts to support merchants hit hard by the Covid pandemic, officials said on Sunday May 8.

The Finance Ministry plans to unveil details about this year’s second extra budget this week after Yoon takes office Tuesday, Yonhap News Agency quoted government officials as saying.

The now-dissolved transition team earlier said the new Government aims to spend 33.1 trillion won or more to fully compensate the losses of micro business owners.

During the election campaign, Yoon promised to spend around 50 trillion won for the compensation program.

The team calculated the amount of planned support after extracting the 16.9 trillion-won extra budget created in February from Yoon’s proposal.

It also estimated the self-employed saw their operating profits fall a combined 54 trillion won between 2020 and 2021 due to the government’s tight antivirus curbs.

Since 2020, the outgoing Moon Jae-in government has drawn up seven rounds of supplementary budgets totaling some 134 trillion won to cope with the fallout of the pandemic.

It has provided a combined 35.1 trillion won to pandemic-hit merchants, far below their estimated business losses.

South Korea’s national debt is expected to reach 1,075.7 trillion won this year, marking the first time the debt would exceed the 1,000 trillion-won mark, according to the government’s estimate.

Share this:
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published.

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp