The federal government on Sunday agreed on a 3rd round of coronavirus payments to the tune of W4 trillion (US$ 1= W1,103).
The judgment Minjoo Party has already assured to set aside W1.3 trillion to procure COVID-19 vaccines for 44 million individuals. If all goes to plan, the budget will increase from the currently proposed W556 trillion to around W558 trillion reflecting increased costs sustained by the epidemic, and the federal government will provide around W2 trillion worth of bonds to pay for them.
But the main opposition People Power Party, which had proposed the third round of relief payments, is now opposed to releasing bonds. Choo Kyung-ho, a ranking PPP member of the National Assembly’s spending plan committee, stated, “The federal government’s 2021 budget [W556 trillion] currently includes W90 trillion in debt, and trying to increase borrowing without shaving W2 trillion from the super-sized budget is irresponsible.”
The government invested W143 trillion to finance the first round of relief payouts and W7.8 trillion for the second. The 2nd round of payments was totally funded by bonds, and Korea’s financial debt skyrocketed to W8469 trillion, while the ratio of fiscal debt to GDP has actually reached a record 43.9 percent.
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