“EMERGENCY ECONOMIC COUNCIL” MEETING

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A so-called "emergency economic council" directly chaired by President Moon Jae-in will hold its first meeting on Thursday. Moon said the supplementary budget is just the beginning of more measures to come. Discussions on another extra budget and the proposal of a basic disaster income are expected to go into full swing.

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An emergency economic situation never seen before. This is how President Moon Jae-in assesses the current circumstances.

[Soundbite] PRES. MOON JAE-IN : "The situation is more serious than the 2008 financial crisis. The real economy and financial market are both affected in a multiple crises."

He used the word "emergency" 14 times while ordering the establishment of an "emergency economic council" that will serve as a control tower to address the economic impact of the coronavirus outbreak. This special agency, to be directly chaired by the president, is aimed at enabling swift response measures to the COVID-19 fallout. The first meeting will be held Thursday at the presidential office. Economy-related ministers, presidential aides and ruling party officials are expected to attend the meeting. President Moon explained the new council will discuss unprecedented, unconventional measures with a priority on vulnerable citizens affected by the outbreak. He said the latest extra budget is not the end but just the start, indicating that earnest discussions will begin on possibly another supplementary budget and the proposal of a basic disaster income.

[Soundbite] PRES. MOON JAE-IN : "There's strong request for more powerful, additional measures. There can be no hesitation in seeking even bolder measures if it's necessary."

Gyeonggi-do Province Governor Lee Jae-myung had proposed the government provide one million won to every citizen to cope with the difficult times and fight the crisis. Seoul Mayor Park Won-soon suggested a 600-thousand won payment to people in the bottom 50 percent income bracket. Moon called for discussions, hinting at reviewing the proposals. A senior government official said that as the president has stressed the principle of putting priority on the vulnerable social classes, the mayor's proposal may be a more plausible one.