Finance Minister Hong Nam-ki says the framework of the proposed supplementary budget will be kept but in light of stepped-up social distancing measures, the government will review stronger support for small businesses.

In an extended staff meeting on Monday, the finance minister gave the directive and asked officials to speed up preparations so the extra budget can be quickly executed after the bill is finalized and passed in parliament. 

Hong added deliberations on tax code revisions - including tax breaks for key strategic technologies - are nearing completion and urged speedy coordination between the ruling party and the government so that they can be announced next Monday.

Regarding real estate, the minister said rising home prices resulted from a combination of factors including speculative demand, and asked officials to accurately assess the market based on facts.

Hong then said in terms of inflation, it is important to stabilize agriculture, livestock and fishery prices preemptively ahead of the Chuseok holiday in the Fall.