Finance Minister Hong Nam-ki says a a third extra budget plan to respond to the COVID-19 crisis may become larger than initially expected.

Hong made the remark Tuesday before the National Assembly's Special Committee on Budget and Accounts, noting the prospective budget plan will address the coronavirus outbreak’s growing impact on employment and should cover the government’s financial and stimulus measures. 

He said the government will try to secure the new budget by restructuring spending plans for the existing budget, but admitted that most of it will have to be funneled through debts.  

Hong said while overcoming the virus-triggered crisis is a top priority, the additional issuance of bonds will burden state coffers. He vowed the government would caution against excessive bond issuance. 

President Moon Jae-in announced a new coronavirus relief package to support South Korea's key industries last week, and called for the need to draw up a third supplementary budget. This is the first time in 51 years the South Korean government is set to draft a third extra budget plan for the same year.