Ministry of Economy and Finance Distances Itself from Supplementary Budget... "Full Effort to Implement Existing Support Measures"

Vice Minister Gi Jae: "Difficult to Discuss Remaining Contingency Funds... Sufficient Response Possible for Disaster and Other Needs"

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] The Ministry of Economy and Finance emphasized the necessity of executing the existing main budget, while drawing a line on the ruling party's demand for the preparation of a supplementary budget (Chugyeong) bill.

Lee Eokwon, the 1st Vice Minister of the Ministry of Economy and Finance, said at a briefing following the Emergency Economic Central Countermeasures Headquarters meeting held at the government Seoul office on the 6th, "There is nothing more to add to what Deputy Prime Minister and Minister of Economy and Finance Hong Namki mentioned on the 3rd regarding the supplementary budget," and emphasized, "Now is the time to focus all efforts on swiftly executing the damage support measures prepared by mobilizing all available resources to quickly respond to the quarantine crisis and difficulties faced by small business owners."

This statement came in response to a question about the Ministry of Economy and Finance's stance on the political demand to prepare a supplementary budget before the Lunar New Year to provide disaster relief funds to all citizens. He explained, "Regarding whether to have a supplementary budget, I will reiterate Deputy Prime Minister Hong's statement that the decision will be made after comprehensively reviewing and judging overall factors such as the future development of quarantine measures, the damage situation of small business owners, the need for additional support, the scale of mobilizable funds from the already approved budget by the National Assembly, and revenue conditions."

Earlier, on the 3rd, Deputy Prime Minister Hong stated in a meeting with reporters, "Primarily, the focus is on intensively executing the budget related to small business owners in the first quarter." However, he also mentioned, "The government plans to comprehensively review and judge future conditions to decide on the supplementary budget," showing a slight retreat from the previous stance that it was not under consideration.

Regarding a question about the remaining size of the contingency fund for this year, Vice Minister Lee responded, "It is difficult to disclose how much is currently left in the contingency fund at this moment." He added, "I believe that the remaining contingency fund is sufficient to adequately respond to expected needs such as disaster and emergency responses."

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