Hong Joon-pyo: "Decided Not to Apply for Disaster Relief Funds... The Nation's Treasury Is Being Emptied"

"COVID-19 Economic Crisis May Far Surpass IMF Levels"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Hong Joon-pyo, former leader of the Liberty Korea Party, announced on the 11th that he has decided not to apply for the emergency disaster relief fund.

On the same day, Hong said on Facebook, "Since the last general election, I have urged that the national budget should not be used in that way but rather to rebuild the collapsed economic foundation."

Hong criticized, "The national debt has already exceeded 42% of GDP and is heading towards 45%. Under the Moon Jae-in administration, due to populist economic management, the national debt is rapidly increasing and the country's treasury is gradually being emptied."

Hong added, "The upcoming economic crisis caused by the novel coronavirus infection (COVID-19) could be a complex depression far surpassing the IMF economic crisis," and said, "As the opposition party, it is truly regrettable that we have no power to prevent this due to the crushing defeat in this general election."

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