President Moon hints at supplementary budget... Hong Nam-ki says "Active fiscal policy continues"

Active Fiscal Commitment Pledged at National Fiscal Strategy Meeting
Need to Establish Medium-Term Fiscal Management Direction

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, attended the National Fiscal Strategy Meeting chaired by President Moon Jae-in and expressed his intention to continue the active role of fiscal policy.

The Ministry of Strategy and Finance announced in a press release on the 27th that the government held the '2021 National Fiscal Strategy Meeting' with participation from the ruling party, government, and Blue House, chaired by President Moon, to discuss the medium-term fiscal management direction for 2021-2025 and the budget formulation direction for 2022.

Under the theme of complete economic recovery and robust national finances, the attendees sought fiscal policy directions to fully overcome the unprecedented crisis and create a better life for the people through strategic future investments in preparation for the post-COVID era.

In his presentation on the 'Medium-term (2021-2025) Fiscal Management and 2022 Budget Formulation Direction for Complete Economic Recovery and Robust National Finances,' Deputy Prime Minister Hong evaluated the achievements of the Moon Jae-in administration over the past four years since its inauguration and examined the key tasks to be prioritized going forward.

Deputy Prime Minister Hong emphasized the need to establish a medium-term fiscal management direction that maintains the sustainability of fiscal policy in the mid to long term while continuing the active role of fiscal policy to completely end COVID-19, solidify economic recovery, and leap forward as a leading nation. Earlier, President Moon Jae-in stated, "At least until next year, it is necessary to maintain an expansionary fiscal stance to ensure a definite economic rebound and close the COVID-19 gap," and urged, "We should keep open the possibility of additional fiscal input using the significantly increased supplementary tax revenue."

Meanwhile, the government plans to actively reflect the discussions from this meeting in the economic policy direction for the second half of this year, the formulation of next year's budget, and the establishment of the 2021-2025 National Fiscal Management Plan.

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