The government began executing from Monday the third extra budget worth 35-point-one trillion won, which aims to tackle the economic fallout from the COVID-19 pandemic and prepare for the post-coronavirus era.

The move comes after the National Assembly passed the budget plan last Friday, or 29 days after the bill was submitted in early June. It is the single biggest supplementary budget to date. 

The government is likely to execute more than 75 percent in the next three months as it had earlier revealed intent to do so once the budget bill gained parliamentary approval. This means the government is aiming to spend most of the record supplementary budget by early October.  

The government is also expected to speed up execution as it believes time is of the essence in addressing the economic fallout from the pandemic.  

The government believes it’s key to speedily execute the latest budget given that it has executed more than 90 percent of the first extra budget and nearly 100 percent of the second extra budget.