Jo Jeong-sik: "Finalize the 3rd Supplementary Budget within This Week... Submit and Process Immediately upon Opening"

[Image source=Yonhap News]

[Asia Economy Reporters Wondara and Jeon Jinyoung] The Democratic Party of Korea announced that it will complete the formulation of the 3rd supplementary budget bill within this week. The supplementary budget is expected to include digital new deal and green new deal projects that can achieve visible results by 2022. The scale of the 3rd supplementary budget is projected to be about 30 trillion won.

On the morning of the 28th, Cho Jung-sik, chairman of the Democratic Party's Policy Committee, said at the policy coordination meeting held at the National Assembly, "The emergency disaster relief fund is having a significant effect on revitalizing domestic demand and consumption," adding, "The party and government will promptly formulate and process the 3rd supplementary budget to maintain this momentum. We repeatedly urge the United Future Party to cooperate with the early opening of the National Assembly and the 3rd supplementary budget."

Regarding plans related to the supplementary budget, Chairman Cho said, "We will complete the formulation process within this week and submit it immediately upon the opening of the National Assembly," and added, "This supplementary budget will serve as a stepping stone to overcome the economic crisis and as a primer to prepare for the post-COVID-19 era."

He continued, "In particular, for the Korean-style New Deal, which centers on the digital new deal and green new deal as two main pillars, we will prioritize identifying key projects that can achieve visible results by 2022 and reflect the related budget in this supplementary budget," and explained, "Through additional discussions, we will prepare a comprehensive plan for the Korean-style New Deal so that it can become a transformative new deal that establishes an inclusive safety net."

Chairman Cho stated, "The Democratic Party will wisely prepare for the prompt overcoming of the national crisis and the paradigm shift in the COVID-19 era," and said, "The five major COVID-19 national agenda bills announced at yesterday's (Democratic Party) workshop will be prepared immediately upon the opening of the National Assembly and completed by the June session or at the latest by the second half of this year."

He added, "The newly starting 21st National Assembly must boldly break away from the wrong practices of the previous National Assembly and do its best to realize responsible politics according to the public sentiment expressed in the general election," and said, "I hope that today's meeting between President Moon Jae-in and the floor leaders of the ruling and opposition parties will be the starting point."

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