South Korea passes $49.5bn extra budget ahead of local elections
2022-05-30 10:14:57 source：The Aljazeera
May 30, 2022
South Korea’s National Assembly approved a 62 trillion won ($49.5bn) supplementary budget on Sunday aimed at supporting businesses hit by pandemic-related restrictions.
The amount approved was 2.6 trillion won ($2bn) more than the 59.4 trillion won announced last month and will mostly be used for cash handouts for small businesses and self-employed people to make up for losses incurred due to COVID-19 restrictions, the finance ministry said.
The additional spending comes after South Korean President Yoon Suk-yeol pledged to compensate 5.5 million owners of small businesses for pandemic losses shortly before taking office on May 10.
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