President Moon Jae-in is set to announce a plan on Monday to supply emergency financial support for citizens as businesses and households are reeling from the impact of the COVID-19 pandemic. 

The government, the presidential office and the ruling Democratic Party on Sunday discussed the matter and reached agreement in general to provide one million won to about 70 percent of the country's 20 million households.

Under the plan, more than 14 million households, or over 36 million people, will benefit from the cash payments. 

Finance Minister Hong Nam-ki reportedly voiced opposition to the plan, citing the risk of worsening the country's fiscal health. 

A Cheong Wa Dae official said that the final decision will be made by President Moon.