(ATTN: ADDS Han’s remarks in paras 5-7)
SEOUL, May 30 (Yonhap) — The Cabinet on Monday authorized a 62 trillion-won (US$49.4 billion) extra budget aimed primarily at serving to small retailers affected by the pandemic.
The spending plan was handed at a unprecedented Cabinet session presided over by Prime Minister Han Duck-soo.
The National Assembly handed the extra budget invoice Sunday, simply three days earlier than the native elections.
The invoice was authorized in a plenary session after the ruling People Power Party and the primary opposition Democratic Party agreed so as to add 2.6 trillion received to the 59.4 trillion received proposed by the federal government.
Han instructed the assembly that the extra budget underlines the brand new authorities’s dedication to supply help for socially weak individuals hit hardest by the pandemic and rising costs, moderately than offering common grants to all individuals.
“Until the financial situation becomes affordable, the first principle is to strengthen policy on these people,” Han mentioned.
Han additionally praised the National Assembly for approving the extra budget invoice earlier than its plenary session ended, saying the ruling and the primary opposition events confirmed politics of cooperation by agreeing on the invoice.
The largest-ever extra budget — the primary underneath the Yoon Suk-yeol authorities — requires a 39 trillion-won spending plan, together with money handouts to small retailers, and 23 trillion received in grants to regional governments.
Under the settlement, some 3.71 million retailers and micro enterprise house owners will likely be eligible for money handouts of between 6 million received and 10 million received every.
The authorities will start providing money handouts later within the day because it pledges to swiftly allocate the budget.