S. Korean pres reiterates aid for N.K. for Covid-19 relief on pleading for extra budget

[Photo by Lee Seung-hwan]

South Korea’s new president pleaded opposition-dominated legislative to approve record-sized 59.4 trillion won ($46 billion) extra budget scheme “to fully compensate” and reward businesses who had willingly sacrificed to cooperate with state mitigation rules for last two years, and promised medical aid to North Korea grappling with fledgling outbreak of Covid-19.

“Small businesses have experienced massive damages during the course of Covid-19 restrictions, which have lasted over two years, and it is a duty for the law-abiding country to compensate them for losses,” said President Yoon Suk-yeol on Monday in his first address to the National Assembly since inauguration last week.

He said if proper compensation is not made to the suffering small businesses in time, they will fall beyond recovery and this will return as greater financial burden on social welfare system.

Yoon argued for bipartisanship to fight challenges and crisis looming over the economy.

He plans to discuss with U.S. President Joe Biden, who is to visit Seoul this week, ways to strengthen cooperation in global supply chains through the Indo-Pacific Economic Framework (IPEF), a new U.S.-proposed economic framework for the region. His talk with Biden will also include key issues regarding economy and security, such as digital economy and carbon neutrality.

“The legislative’s support is essential for the government to expand cooperation in economy and security with major countries and lead building the international standards,” said Yoon.

Yoon reiterated the country could help North Korean with humanitarian aids for Covid-19 relief.

The isolated country has seen explosive growth in Covid-19 cases just a few days after it reported its first case. If Pyongyang allows, the Korean government will provide full support to combat the virus outbreak through vaccines to medical supplies and health workers, said Yoon.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]