The ruling Democratic party and the government met on Tuesday to come to an agreement on the second supplementary budget plan for this year. Finance Minister Hong Nam-ki said it will be the biggest supplementary budget in the country s history, at more than 29.1 billion U.S. dollars.
The budget will be used to help economic recovery from COVID-19 by supporting small business owners and boosting consumption.
It will also focus on helping young people with employment, housing, living finances, and starting their own business.
The recipients of a fifth round of emergency handouts was also agreed on, with those in the bottom 80 percent of the income bracket receiving payments.
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