Lee Nak-yeon: "The Owner of the Budget is the People... It is Natural to Use It if Necessary"

[Asia Economy Reporter Jeon Jin-young] On the 3rd, Lee Nak-yeon, leader of the Democratic Party of Korea, stated regarding the payment of the 4th disaster relief fund, "The owner of the finances is ultimately the people," and added, "It is natural to use finances if necessary to sustain the lives of the people." This appears to be a remark in response to Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki's rebuttal following Lee's related comments in the previous day's policy speech.

Lee Nak-yeon, leader of the Democratic Party of Korea, is delivering a negotiation group representative speech at the National Assembly plenary session on the 2nd. Photo by Yoon Dong-joo doso7@

On the same day, at the Supreme Council meeting held at the National Assembly in the morning, Lee said, "Yesterday, I mentioned preparing the 4th disaster relief fund. I repeatedly propose to the government to prepare a supplementary budget of sufficient scale without delay."

He also emphasized, "I hope that tailored support and universal support will be discussed together at the party-government consultations," which is interpreted as a remark targeting the Ministry of Economy and Finance. Lee clarified his opinion on the simultaneous selective and universal payment of the 4th disaster relief fund, stating in the policy speech, "A survey showed that the small business owners' economic sentiment index recorded its lowest point in 10 months," and "It is easy to feel the need to stimulate the economy while observing the COVID-19 situation along with direct support for small business owners and self-employed individuals."

He continued, "Last year, we prepared and executed supplementary budgets four times throughout the year," and "Even now, the 3rd disaster relief fund is being executed, but everyone can easily confirm that it is not sufficient."

He added, "As COVID-19 quarantine measures prolong, the lives of ordinary people are being weighed down more heavily. A considerable number of people are already at their limit," and "We must face this reality. I hope the government and ruling party become more humble in the face of the people's suffering."

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