the Allocated budget was more than at the stage of the project as it was decided to allocate assistance to all households in the country, not just the most vulnerable members of society.
TASS, April 30. the National Assembly (Parliament) of the Republic of Korea on the night of 29 to 30 April approved a second budget of $ 12.2 trillion won ($10 billion) to support households in a pandemic coronavirus. This was announced on Thursday local time, the Yonhap news Agency.
the Allocated budget in the end was more than at the stage of the project ($6.3 billion), as it was decided to provide financial assistance to all the households in the country, not just the most vulnerable members of society.
the Possibility of supporting and richest households has caused a broad debate between supporters of the ruling camp and the opposition. Among the impediments to the provision of care to all citizens, called the possible financial difficulties in the control of expenditure from the state Treasury that could occur later. However, the ruling Democratic party “Tabora” were able to coordinate with the Ministry of planning and Finance of South Korea the necessity of this step.
Together with this, the government provides provided citizens the right to sacrifice your benefits in the Fund for emergency financial assistance for those most in need.
Thus, according to the plans of the South Korean authorities, households of one person will be able to 400 thousand won ($320), two-man — 600 thousand won ($490), three — 800 thousand won ($640), four and more than 1 million won ($815). The financing for the new budget, the government intends to adjust the charges for the current year and to begin the issue of government bonds worth 3.4 trillion won ($2.8 billion).
Earlier in March, the Parliament approved the first budget of 11.7 trillion won ($9.5 billion) to fight the impact of the pandemic.
According to the International monetary Fund (IMF), the GDP growth of the Republic of Korea could be reduced by 1.2% in 2020 due pandemic coronavirus. The economic downturn will affect the country for the first time since 1998, when it was caused by the Asian financial crisis. It is expected that a pandemic could cause the global recession, in connection with the global recession, according to IMF forecasts, will amount to 3%.