South Korea passes $49.5bn extra budget ahead of local elections | Business and Economy

Supplementary funds will fund help for small companies and self-employed individuals impacted by pandemic restrictions.

South Korea’s Nationwide Meeting authorised a 62 trillion received ($49.5bn) supplementary funds on Sunday aimed toward supporting companies hit by pandemic-related restrictions.

The quantity authorised was 2.6 trillion received ($2bn) greater than the 59.4 trillion received introduced final month and can principally be used for money handouts for small companies and self-employed individuals to make up for losses incurred resulting from COVID-19 restrictions, the finance ministry stated.

The extra spending comes after South Korean President Yoon Suk-yeol pledged to compensate 5.5 million house owners of small companies for pandemic losses shortly earlier than taking workplace on Could 10.

The additional funds additionally comes because the nation is because of maintain native elections on June 1, when South Koreans will vote for mayors and provincial governors.

The ministry stated in an announcement that it will not difficulty any bonds to fund the funds however as a substitute would use tax income from present spending plans.

South Korea in April lifted nearly all pandemic restrictions, together with a curfew for bars eating places and cafes, as a part of the nation’s transfer in direction of dwelling with the coronavirus.

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