Conflicting Reactions from Ruling and Opposition Parties over Hong Nam-gi's Position... Joo Ho-young Says "It Will Be Difficult to Stay in Office for Long"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] On the 3rd, reactions from the ruling and opposition parties diverged over the position of Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, who suddenly announced his resignation. While the opposition party predicted that he would eventually step down, the ruling party refrained from making specific comments and focused on damage control by sending a message of "Let's work together."

On the morning of the 4th, Joo Ho-young, floor leader of the People Power Party, appeared on MBC Radio's "Kim Jong-bae's Focus" and said, "Even though the resignation was rejected, he strongly expressed at the National Assembly that he would not accept the rejection, so it will be difficult for him to stay in his position for long."

Earlier, Deputy Prime Minister Hong announced his resignation at the National Assembly's Planning and Finance Committee meeting held on the 3rd. When Yang Kyung-sook, a member of the Democratic Party of Korea, asked, "If President Moon rejected your resignation, will you continue to serve as Deputy Prime Minister?" he replied, "I will do my best until the successor goes through the confirmation hearing," effectively indicating his intention to step down from the deputy prime minister position.

Regarding this, Floor Leader Joo said, "The Deputy Prime Minister for Economy has two responsibilities: to grow the economy and to maintain sound national finances," and analyzed the reason for the resignation by saying, "Next year, the national debt ratio will exceed 46%, and whenever there was an opportunity, Deputy Prime Minister Hong tried to uphold this, but he was repeatedly pressured by the ruling party and the Blue House." He added, "These things accumulated, and perhaps there was a sense of urgency that he could not implement his policies under his authority and could not bear all the responsibility later," and predicted, "I think he will be replaced in the year-end reshuffle."

He also pointed out in a meeting with reporters right after the policy forum on "COVID-19 Experience and Overcoming," hosted by the offices of lawmakers Choi Yeon-sook and Seo Jeong-sook, "He resigned because politics overshadowed the economy."

On the other hand, the Democratic Party, which had expressed bewilderment at Deputy Prime Minister Hong's "unexpected action," is taking a cautious stance. Park Hong-geun, the Democratic Party's Budget and Accounts Committee secretary, said on the 4th, "Since President Moon has reaffirmed his trust in Deputy Prime Minister Hong and empowered him, it is appropriate to review the budget and organize future schedules according to the established procedures," adding, "I am not sure if our lawmakers, who expressed dissatisfaction with Deputy Prime Minister Hong the day before, will express so much dissatisfaction again."

Chief Spokesperson Choi In-ho said in a written briefing the day before, "I understand Deputy Prime Minister Hong's sense of responsibility, who has consistently pursued his principles regarding the major shareholder criteria for stock transfer tax," and extended an olive branch by saying, "As the head of the economy, he must proceed unwaveringly at a time when all-out efforts are needed for economic recovery." Democratic Party leader Lee Nak-yeon also told reporters at the National Assembly the day before, "This is not a matter for me to comment on," adding, "He expressed his resignation to the President, and the President rejected it. I believe the President will make the best judgment."

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