Park Wanju "Review of Nationwide Disaster Relief Fund Begins... Method to Be Discussed with Financial Authorities"

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jin-young] The Democratic Party of Korea has begun reviewing the proposal for nationwide disaster relief payments suggested by presidential candidate Lee Jae-myung.

On the morning of the 2nd, Park Wan-joo, the chairman of the party's Policy Committee, held a press briefing at the National Assembly and announced that the party's election campaign policy headquarters would start reviewing candidate Lee's proposals, including nationwide disaster relief payments, expanded compensation for small business losses, basic income, and local currency projects.

Chairman Park stated, "It is true that the support relative to the Gross Domestic Product (GDP) was insufficient, as the candidate mentioned," adding, "The party's policy headquarters has decided to begin reviewing the laws, preparations, and procedures involved."

However, he noted that the methods require further discussion. Chairman Park said, "The approach must be discussed with the Ministry of Finance and the opposition parties. It needs a more sophisticated method," emphasizing, "I cannot provide an answer on the simple question of how much will be given. Any reports on timing and amounts are completely inaccurate."

Regarding funding, he responded, "The main issue is whether to use the remaining tax revenue or to borrow funds." Concerning Representative Song Young-gil's statement about an excess tax revenue of 10 trillion won, he said, "The rough estimate is between 10 to 15 trillion won," adding, "Since President Moon Jae-in recently indicated in his policy speech that additional tax revenue would be used wisely, we need to understand the direction well and prepare accordingly."

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