In announcing yet another coronavirus relief package to support South Korea's key industries on Wednesday, President Moon Jae-in called for the need to draw up a third supplementary budget to finance the latest aid program.

This comes less than a week after the government submitted a bill to the National Assembly for a second extra budget to finance relief payments for 70 percent of households in the country.

It is the first time in 51 years that the South Korean government will prepare a third extra budget plan for the same year.

The latest relief package totals 85 trillion won, including 40 trillion won to lend a hand to basic industries, such as aviation, shipping and automobile, and ten trillion won to protect the country's job market.

The scope of the third extra budget remains uncertain, as some of the financing for the relief package may come from the reserve fund and others may be reflected in next year's budget.