SEOUL: South Korea’s parliament on Saturday approved a 34.9 trillion won (US$30.31 billion) supplementary budget to offer pandemic relief to households, aid small businesses and create jobs, the finance ministry said in a statement.
The supplementary budget, which was slightly increased from the 33 trillion won previously expected, is South Korea’s largest on record for extra spending outside its annual budget.
It is also the second supplementary budget this year after parliament had approved a 14.9 trillion won supplementary budget earlier in March.
More than 80per cent of the population will be able to receive a 250,000 won cash handout, while small businesses will receive relief packages.
(US$1 = 1,151.5200 won)
(Reporting by Cynthia Kim, Joyce Lee; Editing by Chris Reese)