Ryu Seong-geol "Asking Prime Minister Chung... Is this country the Blue House's country or the ruling party's country?"

"The Treasury Is Not a Bottomless Pit" Deputy Prime Minister Hong Is Absolutely Right
Proper Compensation Is Desirable but Reckless Spending Must Be Avoided
Budget Officials Are Not Yes-Men for the Ruling Party

Ryu Seong-geol, member of the People Power Party. [Photo by Yonhap News]

[Asia Economy Reporter Lee Hyun-joo] "Last week, when Prime Minister Chung Sye-kyun heard that the First Vice Minister of the Ministry of Economy and Finance showed a negative attitude toward the compensation system for losses of self-employed businesses, the Prime Minister said, 'Is this country the Ministry of Economy and Finance's country?' I ask Prime Minister Chung Sye-kyun, then whose country is this? Is it the Blue House's country or the ruling party's country?"

Ryu Seong-geol, a member of the People Power Party and the secretary of the National Assembly's Planning and Finance Committee, said this at the party strategy meeting held on the morning of the 26th. Ryu previously served as the Second Vice Minister and Budget Director of the Ministry of Economy and Finance.

Ryu pointed out that the Democratic Party's illegal unilateral actions are going too far. He expressed, "Where on earth did the ultra-legal idea of obligating the Bank of Korea to use its issuing power to purchase government bonds issued by the government come from?" and added, "I want to ask why the government is necessary and why the central bank is necessary." He raised his voice, saying, "Wouldn't it be better to abolish the central bank and have the Democratic Party print money? The issuing power is not something the Democratic Party can use to print money anywhere whenever they want."

Ryu continued, "Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki said that finance is not an inexhaustible source and that the role of the country's treasury keeper is the fundamental duty of the Ministry of Economy and Finance," and added, "Deputy Prime Minister Hong is absolutely right." While stating, "It is desirable to provide proper compensation to self-employed people who suffered losses due to COVID-19 as stipulated by our constitution," he emphasized, "It is not a matter of recklessly releasing finances, and sufficient prior review, as well as consent from the National Assembly and the public, is necessary."

He also said, "According to Article 1 of the National Finance Act, it is stipulated to establish a foundation for fiscal soundness. Article 16 states that efforts must be made to ensure fiscal soundness," and added, "This is the mission and duty of the officials of the Ministry of Economy and Finance." He further stated, "The reason the current government was able to overcome COVID-19 to some extent is because the previous government and fiscal officials secured fiscal soundness as if their lives depended on it," and added, "I hope the Ministry of Economy and Finance will not be shaken."

Ryu asked Deputy Prime Minister Hong to handle matters with conviction. He said, "A budget man is a finance man, not a yes-man of the ruling party," and added, "As someone who once worked at the Ministry of Economy and Finance, I would like to give a word of encouragement to Deputy Prime Minister Hong and junior officials. I hope you carry out your duties with a sense of mission and do your best."

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