The Lee Jae-myung administration and the ruling Democratic Party of Korea on Wednesday presented a plan for enacting a second supplementary budget exceeding 20 trillion won ($14.5 billion).
Rep. Jin Sung-joon, who is heading the Democratic Party's policy committee, said that the total extra budget sought by the government, including the first extra budget, would amount to around 35 billion won, which is the "minimum needed to keep the economy afloat."
Jin explained that 35 trillion won was the total extra budget that the Democratic Party had been requesting since early this year.
The supplementary budget supports President Lee Jae-myung's policy agenda, Jin said, after the party's first policy meeting with the government.
As a candidate, Lee had pledged that he would distribute cash handouts in the form of electronic vouchers as "emergency financial relief" to all Koreans, and cancel debts for struggling small businesses.
Jin said that while the financial aid would be universally distributed, extra aid would be provided to low-income households and other socially vulnerable groups.
Jin also said the Democratic Party asked the government for additional support for non-metropolitan areas outside Seoul.
Drafting a supplementary budget requires the National Assembly's review and the Cabinet's approval.
Universal cash payments are a hallmark Lee Jae-myung policy, dating back to his time as mayor of Seongnam.
During in the campaign, Lee had said that he would "make all of South Korea like how I changed Seongnam."
arin@heraldcorp.com
