Park Wan-joo "Ministry of Economy and Finance has room for supplementary budget formation... It should be at least 25 trillion won as mentioned by Lee"

Expected Ruling Party-Government Meeting on Next Month's Supplementary Budget
Urging Government to Consult with Party on Whether to Formulate Supplementary Budget and Its Scale
Candidate Lee Jae-myung Mentioned That a Scale of Over 25 Trillion Won Is Needed for 'Broad and Substantial' Compensation

[Asia Economy Reporter Oh Ju-yeon] On the 13th, Park Wan-joo, the Policy Committee Chair of the Democratic Party of Korea, said regarding the supplementary budget (추경), "The financial authorities also agree that the budget we prepared last December was insufficient, so we expect the supplementary budget to be prepared." He emphasized, "To provide sufficiently broad and substantial (compensation for small business losses), the scale should be around that amount (more than 25 trillion won mentioned by candidate Lee Jae-myung)."

Park Wan-joo, Chairman of the Policy Committee of the Democratic Party of Korea, is attending the Policy Coordination Meeting held at the National Assembly on the 23rd and delivering opening remarks. Photo by Yoon Dong-joo doso7@

On the same day, in response to the question on MBC Radio's 'Kim Jong-bae's Focus' whether the Ministry of Economy and Finance sees room to prepare a supplementary budget, Park said, "We see it that way," adding, "Although it is uncomfortable to prepare a super budget and then add a supplementary budget, the financial authorities also agree on the insufficient parts."

He anticipated that related party-government consultations would be linked with the February National Assembly session.

Park explained, "If it happens, the financial authorities will express the necessity of the supplementary budget, and once the plan is drafted, it will be formalized and immediately discussed between the party and the government." However, he said the Democratic Party has not delivered any specific proposal regarding the scale of the supplementary budget to the Ministry of Economy and Finance.

Regarding reports that the Ministry of Economy and Finance drastically reduced the 50 trillion won supplementary budget requested by the Democratic Party and will proceed with a supplementary budget in February, he said, "There has been no official agreement on the scale or direction."

Park stated, "However, the floor leader and the Policy Committee believe that the February supplementary budget should provide broader and more substantial support, so the government has accepted the 'advance support and later settlement' approach." He explained, "They proactively accepted providing 5 million won in support to 550,000 (small business owners) first, and suggested cash support rather than financial support, but the scale has not yet been discussed."

He added, "The party has never officially demanded the government to set the supplementary budget above a certain amount. However, candidate Lee Jae-myung has announced that it should be more than 25 trillion won," and continued, "Currently, the government has announced its intention to prepare a supplementary budget, and we are urging consultation with the party on the amount."

When asked, "Is there any progress beyond the approximately 25 trillion won mentioned by candidate Lee?" he replied, "No," expressing agreement as the Policy Committee Chair. He said, "Not only for loss compensation but also for industries eligible under the Loss Compensation Act, there are about 950,000," and added, "To provide sufficiently broad and substantial support, the scale should be around that amount."

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