Hong Nam-ki "COVID-19 Response, Securing Funds by Changing Budget... Policy More Important Than Supplementary Budget" (Comprehensive)

Next Week's First Match Reinforcement Measures Announcement... Rental Support Plan for Small Business Owners Prepared

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[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 21st regarding the review of the supplementary budget (추경) that "the executive branch can make fund changes within 20%" and assessed that there is currently no difficulty in securing funds.

After the 'Korea-Russia 30th Anniversary of Diplomatic Relations Commemoration Project Preparation Committee Meeting' on the same day, Deputy Prime Minister Hong told reporters, "The projects and policies themselves are more important than whether or not to have a supplementary budget. Funding plans will be reviewed depending on what kind of projects and policies they are." He emphasized, "If the policies and projects fall under fund projects, we plan to carry out fund changes," adding, "We will also provide contingency funds." According to the National Finance Act, financial funds can be changed up to 30% and non-financial funds up to 20% based on expenditure standards without the consent of the National Assembly, and he mentioned the possibility of securing funds through this.

He also expressed the intention to announce the first economic reinforcement measures in response to the novel coronavirus infection (COVID-19) within next week. Deputy Prime Minister Hong explained, "We are gathering opinions among ministries and listing measures that can stimulate both domestic demand and exports, such as production, consumption, and exports," adding, "We expect to announce them in the latter half of next week." He added, "Small business owners are saying they are having a very hard time, and the government is reviewing what kind of support can be provided regarding rent assistance."

Regarding attendance at the G20 Finance Ministers and Central Bank Governors Meeting, he said, "I plan to explain Korea's response to the COVID-19 situation in detail during the global economy session," and added, "I think the joint communiqu? will include content on strengthening COVID-19 monitoring and international cooperation."

In his opening remarks, he stated, "Especially as the Moon Jae-in administration has been strongly promoting the New Northern Policy, cooperation with Russia as a key partner in that cooperation has become even more significant," and added, "We expect an expansion of bilateral cooperation not only in the full-scale promotion of economic cooperation projects but also in diplomacy, culture, and the arts."

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