Government Considering Emergency Supplementary Budget... Ruling and Opposition Parties United in Calling for Supplementary Budget Necessity

Lee In-young, Democratic Party Floor Leader, "Formation of a Special Committee on COVID-19 Measures at the National Assembly Level"

Government Makes All-Out Efforts to Secure Funds through Contingency Funds and Fund Reallocation

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The ruling and opposition parties have agreed on the need for a supplementary budget (추경) in response to the novel coronavirus disease (COVID-19) crisis. The ruling party, the Democratic Party of Korea, is expected to hold a high-level party-government consultation meeting on the afternoon of the 23rd at the Prime Minister's residence in Samcheong-dong, Jongno-gu, Seoul, to discuss countermeasures. Accordingly, discussions on the government's supplementary budget are expected to accelerate soon, in addition to the use of contingency funds and existing funds.

Lee In-young, the floor leader of the Democratic Party of Korea, held a press conference at the National Assembly on the same day and said, "Tomorrow, we will form a special committee on COVID-19 measures at the plenary session of the National Assembly to begin preparing urgent support measures," adding, "The government must urgently submit the supplementary budget, and the National Assembly should be able to review it." He emphasized, "The Democratic Party promises to start the National Assembly's review immediately upon the government's submission."

Hwang Kyo-ahn, the leader of the United Future Party, also issued a statement on the 21st regarding COVID-19, saying, "We will devise all measures at the National Assembly level, including budget and legislation, and we are ready to cooperate in any efforts to protect the lives and safety of the people, whether through contingency funds or supplementary budgets."

As community damage caused by the COVID-19 crisis intensifies, this is interpreted as an intention to minimize economic damage through the supplementary budget.

However, the government plans to prioritize using the existing budget, contingency funds, and changes in fund management plans for the comprehensive economic measures package to be announced on the 28th in response to the spread of COVID-19.

Nevertheless, since President Moon Jae-in declared the COVID-19 crisis an emergency economic situation on the 18th, the possibility of an urgent supplementary budget cannot be ruled out if the need for a supplementary budget is raised regardless of party lines.

This content was produced with the assistance of AI translation services.