Yun Hojung: "Full Compensation in Advance, Using Fiscal Rather Than Financial Means... Accelerating New Year Supplementary Budget Based on 'Three Major Principles'"

Park Wan-joo "Must be processed within the February National Assembly"

[Asia Economy Reporters Oh Ju-yeon and Jeon Jin-young] The Democratic Party of Korea announced that it will accelerate the New Year supplementary budget (supplementary budget) based on the 'three major principles' emphasized by presidential candidate Lee Jae-myung to overcome COVID-19.

Yoon Ho-jung, floor leader of the Democratic Party of Korea, is delivering opening remarks at the joint meeting on the New Year's supplementary budget for overcoming COVID-19 held at the National Assembly on the 5th. Photo by Yoon Dong-ju

On the morning of the 5th, Floor Leader Yoon Ho-jung said at the 'New Year Supplementary Budget Joint Meeting for Overcoming COVID-19,' "If we miss the timing, both the meaning and role will fade. We will make it a true New Year supplementary budget," adding, "As Candidate Lee officially discussed the supplementary budget formation the day before, we will speed up the New Year supplementary budget based on the three principles: not partial but whole (regarding COVID-19 damage amounts), not after but before, and fiscal policy over financial policy."

Floor Leader Yoon emphasized, "We will also pay closer attention to sectors previously left out of support, such as the performing arts, cultural sectors, and businesses with personnel restrictions," and added, "We will also focus on establishing a stable medical system to protect the lives and safety of the people from COVID-19 variants." Furthermore, he said, "There is a quarantine-related budget of about 10 trillion won for vaccine and treatment purchases, public hospital beds for severe patients, and medical personnel support, but in addition to this, we will secure fiscal capacity to respond swiftly to variant spread."

He also stated, "Swift and bold preemptive response is the only solution," and added, "Along with the New Year supplementary budget, we will thoroughly review the bill to establish an infectious disease emergency response fund without delay."

Policy Committee Chairman Park Wan-joo also said at the meeting, "Although six supplementary budgets have been pursued over the past year, it still seems insufficient to share the community crisis," and added, "Special sacrifices require special support. This New Year supplementary budget formation will likely be the last supplementary budget of the Moon Jae-in administration."

He emphasized, "It is desirable for the ruling and opposition parties to discuss and take the lead in forming the supplementary budget in the National Assembly and to process it within the February session to resolve on-site hardships as quickly as possible."

Chairman Park urged expanding the support targets, saying, "So far, the scope has been broadened from time-limited compensation to personnel restriction loss compensation, but indirect damage targets are still in blind spots." He also said, "It is true that securing funding is not easy, but nonetheless, the budget should be formed at a scale that can be considered 'somewhat sufficient.'"

He added, "Regarding the payment method, since the government has proactively accepted an advance payment policy, there are various methods such as financial support, cash support, and local currency, and we will keep the most effective methods open for review."

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