South Korea's top economic policymaker said the government's fourth extra budget to ride out the COVID-19 crisis would depend on the state of the epidemic and whether authorities heighten social distancing to Level Three.

At a briefing on next year's budget on Wednesday, Finance Minister Hong Nam-ki said since Level Three distancing would have a far greater impact on the economy, there is a need to further consider additional spending.

As for drawing up the fourth budget to support flood recovery and help the nation overcome the COVID-19 fallout, Hong said the current budget is sufficient and that the government is spending the money accordingly.

The minister was cautious about raising the distancing level by a notch, involving bans on mass gatherings and shutdowns of businesses, saying it would be a great burden on recovery.

Hong added that he will participate in authorities' review of the matter, to ensure that a balance is struck between quarantine and its economic impact.