Lee In-young "If no agreement by the 15th of next month, emergency financial order authority may be activated"

"10~20% of High-Income Earners Will Voluntarily Donate... National Bond Issuance Will Be Less Than 3 Trillion Won"

[Image source=Yonhap News]

[Asia Economy Reporter Wondara] Lee In-young, the floor leader of the Democratic Party of Korea, stated that if no agreement is reached between the ruling and opposition parties on the second supplementary budget bill by the 15th of next month, the emergency financial order authority could be invoked.

On the morning of the 24th, Lee appeared on TBS Radio and was asked, "If the National Assembly ultimately fails to agree or pass the emergency disaster relief fund, is there a possibility of invoking the emergency financial order authority?" He replied, "Theoretically, the session lasts until May 15, and if after that the National Assembly cannot convene, I think the government or the president could invoke the emergency financial order authority." The term of the 20th National Assembly members ends on the 29th.

He said, "Former leader Hwang Kyo-ahn promised to give 500,000 won to 100% of the people, and Kim Jong-in, the election committee chairman, supported that," adding, "After the election, it disappeared into uncertainty, and I strongly suspect it is a tactic to delay or derail the process." However, he added, "Rather than the government or president invoking the emergency financial order authority, as I have repeatedly said, the United Future Party should change their minds and agree in the National Assembly to provide the emergency disaster relief fund."

Regarding whether voluntary donations will follow the distribution of the disaster relief fund, he said, "I think about 10% to 20% of high-income earners or those with stable incomes will at least voluntarily donate." He continued, "Also, since some people will not receive the fund, the actual financial gap will likely be only about 1 to 2 trillion won." When asked if this means that government bonds will be issued for less than 3 trillion won, he answered, "Yes."

Regarding Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki's opposition to providing emergency disaster relief funds to all citizens, he said, "I think the Ministry of Economy and Finance made a reasonable judgment regarding fiscal soundness," adding, "The Ministry of Economy and Finance judges from an economic and fiscal perspective, but we made a comprehensive final political judgment."

About the next Democratic Party floor leader election to succeed Lee In-young, whose term ends on the 7th of next month, he said, "It is still difficult to read the situation," adding, "Currently, about three people are noticeable, and there are talks that two more are considering it." When asked if the party convention to elect the next party leader could be moved up due to Lee Hae-chan's health issues, he replied, "That is not being considered."

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