NEWS BRIEF

[Anchor Lead]

The government on Tuesday convened a Cabinet meeting and finalized a proposed budget for next year of 555.8 trillion-won which is up 8.5% from this year. For the second year, a deficit budget has been drawn up where total expenditure is larger than total revenue. The government explained that fiscal soundness has somewhat weakened but satisfying fiscal demands is the desirable way during a quarantine and economic crisis situation even if that means enduring temporary deficits.
The Interior and Safety Ministry said Tuesday that the Cabinet has approved a revision to an enforcement ordinance for the Framework Act on the Management of Disasters and Safety. The revision allows the use of special deposits in the Disaster Management Fund to support recovery efforts for last month's severe monsoon damage. Local governments must put aside a mandatory deposit of at least 15% of their yearly payment to the disaster fund and this special deposit can only be used during times of a major disaster.
As the season's 9th typhoon Maysak is heading north, the Safety Ministry announced the Central Disaster and Safety Countermeasures Headquarters will activate its Level One emergency response system from Tuesday morning. The crisis alert level has also been raised a notch from "interest" to "attention" while local authorities are asked to take contingency measures and exert efforts to minimize typhoon damage.