HONG NAM-KI ON ADDITIONAL SUBSIDIES

[Anchor Lead]

Some members of the ruling party are calling for a fourth financial relief package for all citizens. However, Finance Minister Hong Nam-ki says any discussions on additional subsidies is premature and even if aid is given, it should be done so selectively.

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In relation to a fourth emergency relief fund, Finance Minister Hong Nam-ki said the decision should be based on future disease control status and other factors.

[Soundbite] HONG NAM-KI(FINANCE MINISTER) : "The third round of subsidy hasn’t been paid out yet. We’re just starting to execute this year’s budget, so I think it’s too early to discuss a fourth round of disaster relief."

He added that if a fourth financial aid is to be given, it is better to assist only selective populations rather than everyone.

[Soundbite] HONG NAM-KI(FINANCE MINISTER) : "The government’s finances are limited so I believe providing more aid to the populations hit hardest would be better for the overall economy."

He made clear that government money cannot be used endlessly like a bottomless well. However, the minister left room for change when asked if he will continue this stance.

[Soundbite] HONG NAM-KI(FINANCE MINISTER) : "We need to try to convince the fiscal authorities’ position to the government and the National Assembly. But things cannot pan out exactly the way we discussed."

Critics have said the relief funds weren't enough to cover actual losses. Hong explained that small businesses stand to receive up to 5.6 million won in the third relief fund, adding the government intended to provide as much as possible within its fiscal capacity.