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| Finance Minister Choo Kyung-ho speaks at a meeting with lawmakers from the ruling People Power Party, May 11. Yonhap |
The government has drawn up an extra budget bill aimed at compensating COVID-19 pandemic-hit small merchants and will submit it to the National Assembly later this week, Finance Minister Choo Kyung-ho said Wednesday.
Choo made the remarks at the first consultative meeting between the ruling People Power Party (PPP) and the government, a day after President Yoon Suk-yeol took office.
He said the extra budget was mainly aimed at compensating for the financial damage suffered by small merchants, and stabilizing prices for vulnerable people.
The plan will be endorsed at a Cabinet meeting Thursday and submitted to the National Assembly, Friday, Choo said, adding the government will fully cooperate with lawmakers to have the bill approved by the end of the month.
During the meeting, PPP floor leader Rep. Kweon Seong-dong said the extra budget must include a cash handout of 6 million won (US$4,704) each for self-employed people and small merchants hit by the pandemic.
The finance ministry earlier said it planned to draw up a supplementary budget proposal estimated at some 34 trillion to 36 trillion won ($26.6-$28.1 billion) to help small merchants hit hard by COVID-19 following Yoon's pledge to fully compensate them. (Yonhap)
