The government has prepared a 59 trillion-won supplementary budget, 36 trillion won of which will be used to stabilize prices and support small business owners hit by the COVID-19 pandemic.

The largest ever extra budget was approved during a Cabinet meeting on Thursday.

The government has no plan to issue bonds. The budget will be financed with 44-point-three trillion won in tax revenue surplus, eight-point-one trillion won in rollover and seven trillion won in funds collected through restructured spending.

The total tax revenue surplus this year is expected to reach 53-point-three trillion won, nine trillion of which will be used to repay government bonds and the rest to finance the second extra budget of 2022.

By utilizing the tax surplus, national debt will decrease by eight-point-four trillion won from the first extra budget. With this, Korea's debt-to-GDP ratio will drop to 49-point-six percent from 50-point-one percent.