The budget was awash in red ink in the first half of the year, with the shortfall during that period more than twice the shortfall recorded for the full year of 2019.
As jobless claims skyrocket with the economic uncertainties from the coronavirus outbreak, the government increased the budget for unemployment benefits and approved some 13 trillion won for jobseeking benefits in its third supplementary budget.
The government has proposed a third supplementary budget amounting to a record 35.3 trillion won ($29 billion). Although fiscal expansion is necessary in the face of a recession from the Covid-19 fallout, the worsening in fiscal integrity raises...
The government has proposed a third supplementary budget amounting to a record 35.3 trillion won ($29 billion). Although fiscal expansion is necessary in the face of a recession from the...
A supersized supplementary budget was proposed by the government on Wednesday, with the package weighing in at a whopping 35.3 trillion won ($29 billion). If passed, it will be the largest extra budget ever.
The government proposed 23 projects it described as “unusual” in the supplementary budget. One project dubbed Art New Deal, with a 75.9 billion won budget, will support struggling artists by providing temporary jobs for 8,500 artists.
Stocks closed sharply higher Monday on hopes of a quick economic recovery prompted by a government push for a third supplementary budget and eased concerns over tensions between the United States and China. The won sharply rose against the dollar.
The National Assembly passed a second supplementary budget of 12.2 trillion won ($10 billion) at 12:50 a.m. Thursday morning. It was the first time a second supplementary budget has been approved since 2003.