Hong Nam-ki Draws Clear Line Between Lee Jae-myung's Disaster Relief Fund and Yoon Seok-yeol's Loss Compensation: "It's Not Easy"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is responding to questions from lawmakers at the plenary meeting of the Planning and Finance Committee held at the National Assembly in Yeouido, Seoul on the 11th. 2021.11.11 Photo by National Assembly Press Photographers [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Sun-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, drew a clear line by saying "It is not easy" to all populist pledges by ruling and opposition presidential candidates that assume tens of trillions of won in fiscal input.

On the 11th, at the National Assembly's Planning and Finance Committee plenary session, in response to a question from Seo Byung-soo, a member of the People Power Party, asking "Do you oppose disaster relief funds for all citizens?" Hong Nam-ki said, "Regarding the amounts raised such as 10 trillion, 25 trillion, 50 trillion won in support funds or (small business) loss compensation, it is necessary to review and consider whether these are truly necessary and whether they can be supported from a funding perspective," adding, "From the standpoint of managing finances, all such proposals are by no means easy."

This appears to be a negative stance not only toward the 'disaster relief fund for all citizens (required funding 25 trillion won)' proposed by Lee Jae-myung, the Democratic Party presidential candidate, but also toward the cash support (required funding 10 trillion won) promoted by the Democratic Party under the name 'quarantine support fund,' as well as the '50 trillion won scale small business loss compensation' mentioned by Yoon Seok-youl, the People Power Party presidential candidate.

Regarding the ruling party's claim to postpone the taxes that must be collected within this year to next year to secure funding for the quarantine support fund, Deputy Prime Minister Hong said, "The requirements under the National Tax Collection Act are very strict," and added, "I believe that when the conditions recognized by law are met, measures to extend the tax payment deadline for various vulnerable groups can be taken, but extending the payment deadline beyond those conditions is impossible."

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