Moon touts budget approval for new COVID-19 relief funds

President Moon Jae-in on Monday touted last week’s bipartisan approval of a 34.9 trillion won ($30.2 billion) extra budget, pledging prompt execution of a new round of COVID-19 relief funds for people in urgent need.

Parliament on Saturday endorsed the extra budget larger than the government’s proposed budget of 33 trillion won as the country plans to provide stimulus checks totaling 11 trillion won to people in the bottom 87.7 percent income bracket.

About 20.3 million households are expected to receive cash handouts, which translate into 250,000 won per person.

“The latest extra budget will be greatly helpful in supporting people who are struggling to overcome the coronavirus pandemic. The government will make all-out efforts to provide relief funds for them as soon as possible,” Moon said before a weekly meeting with key aides at Cheong Wa Dae.

He also apologized that the new relief funds do not cover the whole population, asking for the understanding of those who do not benefit from the funds, saying there are people who have more urgent need, even though the whole nation is undergoing difficult times.

Of the extra budget, 5.3 trillion won has been set aside to support smaller merchants hit hard by toughened social distancing measures. Depending on their economic damage, recipients can get up to 20 million won.

“Following four rounds of extra spending last year, we have come up with two extra budget plans this year. The government is strengthening its role in boosting both the economy and people’s livelihoods,” he said.

“As the outcome, our economy is witnessing a faster recovery than any other countries. Buoyed by record exports, this year’s growth rate is expected to be higher than 4 percent. The government’s extra spending is also helping to ease the deepening income gap in the market.”

Moon, however, stressed that the nation still has a long way to go, citing the recent surge in COVID-19 cases and calling for his key aides to ramp up efforts for a more inclusive recovery.

By Lee Ji-yoon (jylee@heraldcorp.com)