Good Articles to Share
S. Korean parliament approves US$14 bln extra budget before election
SEOUL: South Korea's National Assembly approved a 16.9 trillion won (US$14.2 billion) supplementary budget on Monday aimed partly at funding the response to Covid-19 and supporting businesses hit by pandemic restrictions.
The amount approved was 2.9 trillion won more than the sum unveiled last month.
The bill includes provisions for more than three million small businesses and self-employed people to receive three million won each in relief money, starting as soon as the end of this month, according to a Finance Ministry statement.
The extra budget comes as the ruling Democratic Party struggles to recover public support before a presidential election on March 9.
The additional 2.9 trillion won added to the final bill includes 1.3 trillion won earmarked for financial support for pandemic-hit businesses such as cafes, restaurants, and accommodation facilities, according to the ministry statement.
Another 1.3 trillion won was added to secure more Covid-19 treatments, test kits, hospital beds and for other quarantine measures, the ministry said.
To finance the added 2.9 trillion won, the government will utilise public fund reserves and net budget surplus, and therefore there will be no change to the debt-to-GDP ratio of 50.1 per cent, the ministry added.
With the latest supplementary budget, total government spending increases to a record 624.3 trillion won this year.
South Korea's new daily Covid-19 cases topped 100,000 for the first time last week amid its Omicron outbreak, with authorities saying social distancing measures would be only slightly eased ahead of the March election.
Businesses have complained about the current curfew and other restrictions such as vaccine passes and a six-person cap on private gatherings that will be in place until at least March 13.
- Reuters
More articles on Good Articles to Share
Nigerian court rejects ex-central bank chief's request for overseas medical treatment
Created by Tan KW | Jul 17, 2024
US received intel of Iranian plot to assassinate Trump, CNN reports
Created by Tan KW | Jul 17, 2024
U.S. housebuilding sentiment falls to lowest since December as high mortgage rates continue to bite
Created by Tan KW | Jul 17, 2024
Saudi PIF to promote cooperation with Chinese companies in renewable energy localization
Created by Tan KW | Jul 17, 2024
Four in five Americans fear country is sliding into chaos, Reuters/Ipsos poll finds
Created by Tan KW | Jul 17, 2024
Zelenskiy proposes legislation to strip awards from Ukrainian 'traitors'
Created by Tan KW | Jul 17, 2024
Discussions
Be the first to like this. Showing 1 of 1 comments
Post a Comment
Featured Posts
Introducing MY's First IPO Fund for Sophisticated Investors!
New Update. Discover investment communities that resonate with your ideas
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return
Latest Videos
.png)
Apps
Top Articles
1
Bursa Stock Musings - Thoughts & Ideas
PGF Capital - insti shareholding up from 5% to 14%! (part 1)
2
南洋行家论股
4
How to become a resilient trader
5
RHB Investment Research Reports
6
The Daily Pulse of Bursa Malaysia
7
8
Koon Yew Yin's Blog
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
MQ Trading Signals
Stock
Time
Signal
Duration
Stock
Time
Signal
Duration
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
LALA
You could give some people a drop of water and they'd still appreciate you. You could give other people the entire ocean and they'd still take you for granted.
2022-02-22 09:17