Kim Boo-kyum on Cash Support Pledges by Ruling and Opposition Presidential Candidates: "Financial Burden"

Prime Minister Kim Boo-kyum attended the emergency Cabinet meeting held at the Government Seoul Office in Jongno-gu, Seoul, on the 11th, and struck the gavel. On this day, the government deliberated and resolved urgent supply measures for urea solution at the emergency Cabinet meeting. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Jeong Dong-hoon] Regarding the disaster relief funds and compensation for losses of self-employed individuals proposed by presidential candidates from both ruling and opposition parties, Prime Minister Kim Boo-kyum stated, "We should not interpret the situation as having extra money just because tax revenue has increased somewhat."

In an interview with Sisa Journal, Prime Minister Kim said, "Both camps have put forward pledges that place a burden on the fiscal budget."

Lee Jae-myung, the Democratic Party presidential candidate, and Yoon Seok-youl, the People Power Party presidential candidate, have promised large-scale cash support for ordinary citizens and self-employed individuals affected by COVID-19. In response, Prime Minister Kim reiterated his position that such promises are difficult to realize considering fiscal soundness.

Prime Minister Kim said, "This year and next year, we will continue to execute the budget while carrying tens of trillions of won in debt. In the meantime, the government cannot issue bonds and borrow money to make payments again," adding, "Since these are promises made to the public by those candidates, I have nothing more to say," but also mentioned, "If more accurate information about the fiscal status is needed, I will provide a briefing."

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