Jo Jeong-sik: "The 3rd Supplementary Budget Will Significantly Exceed Previous Scale... To Be Processed Within June"

[Image source=Yonhap News]

[Asia Economy Reporter Wondara] The Democratic Party of Korea announced that it will pass the third supplementary budget bill within June.

On the morning of the 26th, Cho Jeong-sik, the Policy Committee Chair of the Democratic Party, said at a party floor strategy meeting held at the National Assembly, "The party and government have decided to mobilize all active fiscal policy measures to overcome the unprecedented post-COVID-19 situation," adding, "Boldly preparing the third supplementary budget is the first step."

Chair Cho stated, "The Democratic Party and the government plan to finalize the overall scale of the supplementary budget by the end of this month through party-government consultations and process the supplementary budget bill in line with the opening of the June National Assembly session."

He continued, "The third supplementary budget will be prepared on a scale that significantly surpasses the existing supplementary budgets," emphasizing, "In particular, the effectiveness of the supplementary budget depends on the speed of budget execution. We will do our best to promptly open the 21st National Assembly and ensure the bill is processed by June at the latest."

The third supplementary budget is expected to focus on revitalizing businesses. Chair Cho said, "We plan to organize the budget centered on financial support for companies, strengthening domestic and export markets, and early commencement of the Korean New Deal program."

He also announced government project restructuring. Chair Cho stated, "To maximize the effect of expansionary fiscal policy, innovation in expenditure structure is necessary," adding, "We will amplify the effect through restructuring unnecessary projects."

Chair Cho acknowledged concerns about increasing debt but said, "Our fiscal conditions are stable compared to countries like Germany, and concerns about government bonds have decreased due to the ultra-low interest rate phenomenon," adding, "If we establish an early foundation for economic recovery, tax revenues will increase along with economic revitalization."

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