Pres. Moon calls for quick processing of revised supplementary budget

In response to the news that the United Nations Conference on Trade and Development (UNCTAD) changed South Korea’s status from a developing country to an advanced country, South Korean President Moon Jae-in said that it shows international recognition that South Korea is truly an advanced country.

“We should be very proud of the news as such a change had been unprecedented since the foundation of the UNCTAD in 1964,” said President Moon at a Cabinet meeting held at the presidential office Cheong Wa Dae on Tuesday. The UNCTAD agreed unanimously to change South Korea’s status from Group A (Asia and Africa) to Group B (advanced countries) at a meeting held in Geneva, Switzerland on Friday. South Korea is the only country whose status was elevated from a developing country to an advanced country since the foundation of the UNCTAD in 1964.

“South Korea now boasts one of the 10 biggest economies in the world and its standing and roles in the international community are expanding with the country hosting P4G summits and G7 meetings for two consecutive years,” said the president. “The outstanding capabilities and a sense of community showcased by South Koreans in response to COVID-19 are highly regarded in the world.” He also added that South Korea will continue to move forward to become a world-leading country by performing its responsibilities and roles with the pride of an advanced country. “I hope all South Korean citizens will feel proud of the achievements made with blood and sweat.”

Meanwhile, a law to compensate for the damages experienced by small business owners due to the measures to control COVID-19 was announced at the meeting. “It is very meaningful that a systemic foundation to compensate for the damages experienced by small business owners was set up for the first time,” said President Moon. “I’d like to ask for your best efforts to develop details under subordinate laws, including those on who is eligible and how much will be compensated, and prepare thoroughly to ensure smooth and quick compensations.” He also added that the second revised supplementary budget should be quickly passed by the National Assembly to provide compensations under the new law and support before the promulgation of the law. “Finance is supporting our people’s lives by facilitating economic recovery. The revised supplementary budget will play important roles in reviving the South Korean economy and people’s livelihood.”


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