The government and ruling Democratic Party have agreed to compile a third supplementary budget that will be the largest in history to ride out the economic crisis amid the COVID-19 pandemic.

The ruling bloc held a meeting on Monday and agreed to work to secure the parliamentary passage of the super-expansionary budget within this month. 

In the meeting at the National Assembly, DP Floor Leader Kim Tae-nyeon said the nation needs expansionary fiscal policy to prepare for the worst, stressing the importance of a speedy passage and execution of the budget.  

Finance Minister Hong Nam-ki said the government will submit the budget bill to parliament on Thursday, adding it will be the largest in history. 

He vowed that the government will make preparations to ensure swift execution of the budget, saying it will execute 75 percent within three months after the parliamentary passage.