The government has drawn up this year’s third supplementary budget plan worth 35-point-three trillion won. It is the largest extra budget ever to be compiled in the nation's history.
The government will finalize the plan during an extraordinary Cabinet meeting on Wednesday and submit it to the National Assembly on Thursday.
The latest budget aims to provide liquidity to businesses and shop owners hit hard by the COVID-19 pandemic, lessen the shock on the labor market and support efforts to revive the economy.
It also seeks to support a 76-trillion-won Korean New Deal initiative designed to create jobs through digitization and green growth projects over the next five years.
The latest extra budget is the largest to be devised in the nation’s history and is the sixth of its kind under the Moon Jae-in administration.
Previously, the largest extra budget was worth some 28 trillion and devised back in 2009 to tackle the global financial crisis. The nation last compiled three extra budget plans in one year nearly half a century ago.