The government unveiled a 19.5 trillion won stimulus package, which includes a 15 trillion won supplementary budget that will provide maximum 5 million won grants for small businesses impacted by the restrictive Covid-19 social distancing.
The government will front-load 72.4 percent of next year’s budget in the first six months as the worsening of the pandemic in recent weeks is not only affecting fourth quarter growth but could threaten next year’s recovery.
In facing an unprecedented crisis, the Korean government has swiftly and aggressively implemented fiscal policies to defend the nation’s economy, which is facing a crisis dwarfing the 1997-1998 IMF crisis and the global financial crisis in 2008-2009.
The budget for 2021 raises skepticism if such reckless planning would have been possible if it came out of pocket. In a rare and easy bipartisan approval, next year’s budget has been set at 558 trillion won ($507 billion). That...
Agreement came early on a budget for next year of 558 trillion won ($504.4 billion), which could be passed on Wednesday, the legal deadline.If so, it will be the first time in six years for the budget to be passed on time.
The main opposition party on Tuesday proposed slashing funding from President Moon Jae-in's Korean New Deal projects to pay for a third round of emergency relief grants as the country faces a resurgence of coronavirus infections — a plan that was...
Rep. Park Beom-kye of the ruling party on Wednesday issued an apology for humiliating the minister of National Court Administration by forcing him to beg for the budget.
The government accumulated total debt of 800 trillion won ($715 billion), boosted this year by aggressive spending to battle the economic downturn caused by the coronavirus pandemic.
Korean airlines are introducing special tourist flights around the country, hoping to both drum up business and find a use for planes that have been sat on the tarmac since the Covid-19 pandemic brought the aviation industry to a standstill.
The Seoul Metropolitan Government unveiled next year’s budget worth over 40 trillion won ($35.2 billion) Monday, the highest amount that the Korean capital has ever allocated to city projects.