[Reporter’s Notebook] Hong Nam-gi, the Deputy Prime Minister, Has Changed

[Asia Economy Reporter Jang Sehee]"Shall I say it again? The party has accepted it."

On the 16th, at the National Assembly Planning and Finance Committee plenary session, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki snapped in response to People Power Party lawmaker Kim Tae-heum's repeated questions about the selective payment stance of the 4th disaster relief fund.

Deputy Prime Minister Hong responded in a strong tone to the aggressive questions from the lawmakers that day. The ruling party, the Democratic Party of Korea, was passive about legislating the loss compensation system, and the People Power Party pressured over the additional payment of universal disaster relief funds, but Hong said, "I will not answer such questions," and sometimes adjusted his glasses with a serious expression. This was completely different from his recent appearances, often called ‘Hongdu Sami,’ where he resisted but eventually backed down.

Deputy Prime Minister Hong's confidence stemmed from pushing through the selective payment of the 4th disaster relief fund. It was an achievement against the ruling party’s plan to combine selective and universal support. In particular, there is an analysis that his confidence grew as President Moon Jae-in supported Hong’s stance. Earlier, President Moon mentioned that disaster relief funds should be provided within the scope that the budget can bear, which expanded Hong’s room to maneuver.

Inside the Ministry of Economy and Finance, there are also reactions that Hong Nam-ki has changed. Evaluations include, "In an already difficult fiscal situation, Hong, who is from the Budget Office, risked his position," and "He made clear statements to avoid political controversy amid the by-elections."

Controversy remains over Deputy Prime Minister Hong’s changed attitude. Some criticize that the head of the fiscal authorities should not cause discord between the party and the government, but others evaluate that if he had not stood against the ruling party’s demands, he would have neglected his role as the steward of the treasury. It is said that he fulfilled his role. Continuous increases in spending and rapid growth in national debt inevitably become burdens for future generations. The role of finance has become more important amid the COVID-19 crisis. As Deputy Prime Minister Hong said, strict management is needed so that finances can be used ‘at the right place and right time.’

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