Hong Nam-ki Opposed the 'National Disaster Relief Fund'... "Selective Payment to Affected Groups Is Preferable"

"Issuing Deficit Bonds for Financing May Affect National Credit Rating"
Negative Stance on Nationwide Disaster Relief Fund Payment Announced

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said regarding the 4th disaster relief fund currently being demanded by the political circles, "It is too early to discuss the 4th relief fund at this time."

On the 10th, Hong appeared on KBS Sunday Diagnosis's program "The Era of Disaster, Asking the Path of the Korean Economy" and stated, "It is a matter to be judged comprehensively considering how the quarantine situation will develop, the damage, and the economic situation."

He further expressed the view that if necessary, it is desirable to selectively support the affected groups intensively.

He said, "It is desirable to provide selective support to the affected groups."

He emphasized, "Government funds are not an inexhaustible source, so it is desirable to selectively support the affected groups intensively," adding, "If disaster relief funds are to be paid again, all must be financed by issuing deficit bonds, which can affect the national credit rating and become a burden on future generations."

When asked whether the selective support stance could be enforced, he said, "The Ministry of Economy and Finance does not handle state affairs alone; there are discussions within the government and consultation structures with the National Assembly," adding, "I am expressing the opinion of the fiscal authorities, but it does not necessarily have to be accepted as is."

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