S.Korea to submit extra budget bill after new president takes office – presidential transition committee

South Korea's president-elect Yoon Suk-yeol holds a news conference about his presidential office's relocation plans, in Seoul
FILE PHOTO: South Korea's president-elect Yoon Suk-yeol speaks during a news conference to address his relocation plans of the presidential office, at his transition team office, in Seoul, South Korea, March 20, 2022.Jung Yeon-je/Pool via REUTERS/File Photo

March 31, 2022

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)