The government will finalize the revised supplementary budget for COVID-19 at ₩11.7 trillion and submit it to the National Assembly.

 

The budget details include reinforcing infectious disease prevention system, restoration of damages to small business owners, support for public welfare and employment, and support for stagnant local economy.

 

In particular, the government organized a total of ₩2.1 trillion in the compensation for damages to COVID-19 medical institutions and pharmacies.

 

Clinics, hospitals and pharmacies are eligible for payment.

 

Direct compensation of ₩350 billion, loan support of ₩400 billion, and loss compensation reserve of ₩1.35 trillion will be given to the hospitals, clinics, and pharmacies that actively participated in the defense.

 

On the 4th, the Ministry of Economy and Finance announced its revised supplementary budget for minimizing the impact of COVID-19 and overcoming.

 

The Ministry of Economy and Finance recognizes that it is an economic emergency state due to COVID-19, and plans to go beyond existing emergency support to make efforts for stability of people and economic vitality.

 

₩11,700 billion revised supplementary budget has been finalized by the Ministry of Economy and Finance.

 

First of all, it raised ₩2.3 trillion to reinforce and enhance the quarantine system such as quarantine, diagnosis and treatment of infectious diseases.

 

The government will invest ₩2.4 trillion to support the recovery of small business owners, ₩3 trillion in public welfare and employment stability, ₩800 billion in recovery of stagnant local economy, and ₩3.2 trillion in tax revenues.

 

The Ministry said that the COVID-19 response would be given priority as the basis for urgency, feasibility, and time limit, while minimizing the number of projects to obtain additional budget.

 

The financial resources will be raised to ₩700 billion, including surplus level of the Bank of Korea and ₩700 trillion for free funds, and ₩10.3 trillion for government bonds.

 

In detail, the budget for reinforcing and upgrading the defense system (₩2.3 trillion) will amount to ₩100 billion for strengthening the capability to respond to infectious diseases, and ₩2.2 trillion for compensation for loss of medical facilities for COVID-19 victims and support for living expenses for the quarantine.

 

For support for recovery of damaged SMEs and small business owners (₩2.4 trillion), The Ministry raised ₩1.7 trillion to expand loans and ultra-low interest rate loans to victims, small businesses, and ₩600 billion to support employment retention of small businesses and lower rents, and support ₩100 million for damage stores and traditional markets.

 

The public welfare and employment security support (₩3 trillion) budget is estimated at ₩2.4 trillion for low-income consumption coupons, special care coupons, and senior citizens' job coupons, ₩600 billion to expand youth employment incentives, successful employment packages, and Durunuri.

 

Regional economic recovery support (₩800 billion) budget included ₩100 billion for special support for regional employment in the affected areas, ₩200 billion for the issuance of regional gift certificates, ₩500 billion for local financial reinforcement, and support for elementary, middle, and high quarantine requirements.

 

The budget is to be specially allocated for the Daegu and Gyeongbuk budgets.

 

◆Reinforcement and enhancement of the quarantine system=The main project of supplementary budget is to expand the negative pressure room on the nationally designated inpatient treatment bed and to provide national aid for the transportation of ambulances to infected patients..

 

The KCDC will invest ₩9.8 billion to reinforce the testing capabilities of new infectious diseases and to expand inspection and analysis equipment.

 

In preparation for the outbreak of large-scale new infectious diseases, a total of ₩4.5 billion was added to add two specialty infectious diseases hospitals with negative pressure wards.

 

The budget for the establishment of a virus research institute affiliated with the KCDC to study new viruses and strengthen the response system is ₩3 billion.

 

◆Compensation for Loss of Damaged Medical Institutions =₩350 billion in compensation for the loss of medical institutions resulting from the implementation of the government's quarantine measures and ₩400 billion for financial support for management stabilization.

 

The cost of living support and paid leave will be provided to the employer for ₩80 billion.

 

In preparation for the increase in the cost of indemnity for medical institutions in the future, the preliminary reserve of ₩1,350 billion was reinforced.

 

In particular, the Ministry plans to provide support for the mask support plan quickly, with a reserve fee, but will gradually increase support in consideration of supply and demand trends.

 

More than 130 million copies will be provided free of charge to medical workers, daycare centers, kindergartens, elementary schools, and low-income families nationwide by April.

 

We also support the reinforcement of mask production facilities for smooth supply, with Daegu and Gyeongbuk supplying 8.98 million of masks.

 

◆Support for the recovery of the damaged SMEs and small business owners.

 

The company raised 100 trillion won in emergency management fund loans for small business owners & SMEs and raised 100 billion won to support capital investment funds for rehabilitation of SMEs in Daegu and Gyeongbuk.

 

◆Daegu-Gyeongbuk Special Assistance=The Ministry has organized ₩6 billion for the construction of a medical infrastructure for special assistance in the Daegu-Gyeongbuk COVID-19.

 

The goal is to reinforce the quarantine system by establishing a hospital specializing in infectious disease in Yeongnam area and expanding 15 negative pressure beds.

 

Emergency funds of ₩1.4 trillion will be provided to local SMEs and small business owners.

 

A total of ₩1 billion was provided to support the recovery of the local exonomy and damaged stores.

 

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