4th Supplementary Budget of 2020
4th Extra Budget of 7.8 Trillion won Passed
at the National Assembly
The 4th supplementary budget of 2020, worth 7.8 trillion won, was passed at the National Assembly on September 22. The budget will be spent mostly on COVID-19 reliefs, including small business support, unemployment assistance, childcare support and emergency reliefs for low income households. Key features of the budget passed are as follows.
1. Total expenditures and consolidated fiscal account without funds
(trillion won, %)
|
|
2019
Original Budget
|
2020 Budget
|
Change (B-A)
|
|
Original
|
1st Extra
|
2nd Extra
|
3rd Extra (A)
|
4th Extra
|
C-A
|
C-B
|
|
Proposal
(B)
|
Passed
(C)
|
|
Total Revenues
(y-o-y, %)
|
476.1
(6.5)
|
481.8
(1.2)
|
481.6
(1.2)
|
482.2
(1.3)
|
470.7
(-1.1)
|
470.7
(-1.1)
|
470.7
(-1.1)
|
-
|
-
|
|
Total Expenditures
(y-o-y, %)
|
469.6
(9.5)
|
512.3
(9.1)
|
523.1
(11.4)
|
531.1
(13.1)
|
546.9
(16.5)
|
554.7
(18.1)
|
554.7
(18.1)
|
7.8
|
-0.03
|
|
Consolidated Fiscal Balance
(% to GDP)
|
6.5
(0.3)
|
-30.5
(-1.5)
|
-41.5
(-2.1)
|
-48.9
(-2.5)
|
-76.2
(-3.9)
|
-84.0
(-4.4)
|
-84.0
(-4.4)
|
-7.8
(-0.5%p)
|
0.03
(0.0%p)
|
|
Consolidated Fiscal Balance without Funds
(% to GDP)
|
-37.6
(-1.9)
|
-71.5
(-3.5)
|
-82.0
(-4.1)
|
-89.4
(-4.5)
|
-111.5
(-5.8)
|
-118.6
(-6.1)
|
-118.6
(-6.1)
|
-7.1
(-0.3%p)
|
0.03
(0.0%p)
|
|
Government Debt
(% to GDP)
|
740.8
(37.1)
|
805.2
(39.8)
|
815.5
(41.2)
|
819.0
(41.4)
|
839.4
(43.5)
|
846.9
(43.9)
|
846.9
(43.9)
|
7.5
(0.4%p)
|
-0.03
(-0.0%p)
|
2. Adjustments made at the National Assembly (a 27.4 billion won cut)
- A total of 590.3 billion won has been added to emergency disease prevention (233.2 billion won), remote learning support (207.4 billion won), emergency reliefs for small businesses and unemployed (145.0 billion won) and child abuse prevention (4.7 billion won)
- A total of 617.7 billion won has been cut out of the mobile bill payment support as the recipients were adjusted from all Koreans to youths and the elderly
(trillion won, %)
|
Budgets
|
Government proposal
|
Passed at the National Assembly
|
|
Total
|
7.8
|
7.8
|
|
Emergency support for small businesses and SMEs
|
3.8
|
3.9
|
|
Emergency unemployment reliefs
|
1.4
|
1.5
|
|
Emergency reliefs for low income households
|
0.4
|
0.4
|
|
Emergency childcare support
|
2.2
|
1.8
|
|
Emergency disease prevention
|
-
|
0.2
|
The government will work for the emergency reliefs to be delivered before the Chuseok holiday.
Please refer to the attached pdf
