SEOUL (Reuters) – South Korea’s presidential transition committee on Thursday said it would draft an extra budget plan and submit it to parliament after President-elect Yoon Suk-yeol takes office in May.
“The direction, detail, size and timeline of the supplementary budget will be decided and carried out by the Yoon Suk-yeol administration … The basic principle will be focused on thoroughly supporting the small business owners and the self-employed that have taken a hit from the coronavirus pandemic,” the committee told a media briefing.
“We will comprehensively review whether an issuance of treasury bonds is needed to finance the extra budget.”
The committee did not elaborate further.
(Reporting by Joori Roh; Editing by Alex Richardson)