The government says over 70 percent of the first supplementary budget earmarked to contain COVID-19 and minimize economic fallout has been executed, less than a month since it was passed by parliament.

Second Vice Finance Minister Koo Yun-cheol revealed on Friday that of the nine-point-nine trillion won budgeted for an emergency rescue package, seven-point-one trillion won had been carried out as of Tuesday.

The rest of the 11-point-seven trillion won budget is set to fill up possible tax revenue shortfalls. 

When the extra budget bill passed the National Assembly on March 17th, the government had set the goal of executing three-quarters of the budget within two months. 

Koo also addressed the seven-point-six trillion won additional coronavirus extra budget plan that was submitted to parliament on Thursday, and explained that nine-point-seven trillion won would be delivered to the public through the budget and separate funding by regional governments. 

The vice minister reiterated assurances from the government the second extra budget will be financed through restructuring of budget expenditures, not through debts.