Deputy Prime Minister Hong: "No Plans for 'Nationwide Support Fund'... Second Supplementary Budget to Be in the Low 30 Trillion Range"

National Assembly Planning and Finance Committee Plenary Meeting

Deputy Prime Minister for Economy Hong Nam-ki is attending the full meeting of the Planning and Finance Committee held at the National Assembly on the 23rd. Photo by Yoon Dong-ju doso7@

[Sejong=Asia Economy Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 23rd, "We are not considering nationwide disaster relief payments." This was a clear line drawn in response to the ruling Democratic Party's claim that support payments should be provided to the entire population.

Deputy Prime Minister Hong appeared at the plenary session of the National Assembly's Planning and Finance Committee that morning, and when Rep. Chu Kyung-ho of the People Power Party asked for his opinion on nationwide disaster relief payments, he said, "The government is not considering (nationwide support payments)."

However, Hong added, "In the process of consulting with the party, discussions are progressing in the direction of providing substantial support to the affected groups."

In response to a question from Rep. Jeong Il-young of the Democratic Party about the size of the supplementary budget (추경), he said, "We are preparing the supplementary budget within the scope of excess tax revenue," and added, "I think the size will be in the low 30 trillion won range." This somewhat differs from the previous day's statement by Park Wan-joo, chairman of the Democratic Party's Policy Committee, who mentioned "up to 35 trillion won."

Deputy Prime Minister Hong said, "Since we are preparing the supplementary budget within the range of additional tax revenue, there will be no increase in national debt," and added, "We are working with the goal of submitting it to the National Assembly in early July."

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