South Korea presents $ 12 billion budget to alleviate coup against COVID Business and Economics

Restaurants, bars and gyms have been hit hard by a business cut that will remain in place until at least February 6.

South Korea presented an additional budget of 14 trillion won ($ 11.75 billion) on Friday. self-employed and small businesses have been hit hard by the widespread limitations of COVID-19.

About 11.5 trillion won will be used to help small business owners and compensate for losses caused by extensions of virus-related measures, the finance ministry said.

Another 1.5 trillion profit COVID-19 treatment pills are targeted at 400,000 people and 25,000 hospital beds.

Another 1 trillion gain will be used as a contingency reserve if the Omicron coronavirus variant is further expanded and needs more support.

To fund the additional stimulus, the government will issue 11.3 trillion won of treasury bonds and use 2.7 trillion won from public funds reserves.

Presidential elections

The additional budget, which will be presented to parliament on Monday, comes at a time when the Democratic Party of the government is fighting to regain public support a few weeks before the country’s 2022 presidential election.

With the latest supplementary budget, total government spending would reach a record profit of 62.7 trillion this year, in addition to the already approved budget of 607.7 trillion.

That would be an increase of 11.4 percent from the original 2021 budget, and the proportion of government debt and gross domestic product is expected to rise to 50.1 percent.

South Korea’s stricter rules of social secession extended three more weeks, including a 21:00 closure for restaurants, cafes and bars, and a limited size of private meetings, due to a highly contagious wave of the Omicron variant, especially before the New Moon. holidays.