President Moon: "Government Will Sincerely Review Reasonable Alternatives During Supplementary Budget Deliberations" (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] President Moon Jae-in stated at the Cabinet meeting regarding the supplementary budget (추경), "We will sincerely review reasonable alternatives during the deliberation process." He also emphasized the need for the political sphere, which shows differing opinions on the budget increase, to promptly proceed with the supplementary budget approval.

On the 8th, President Moon presided over the Cabinet meeting via video conference at the Blue House and said, "Support for small business owners, self-employed individuals, and affected industries, who are facing increasing difficulties due to the extended strengthened quarantine measures, cannot be delayed even for a moment."

President Moon requested the cooperation of the National Assembly, saying, "To alleviate their difficulties as quickly as possible, the government submitted the supplementary budget proposal to the National Assembly last January," and added, "The government will sincerely review reasonable alternatives such as resolving blind spots during the National Assembly's deliberation process."

This aligns with Deputy Prime Minister Kim's statement the previous day at the National Assembly Budget and Accounts Special Committee, where he said, "We will actively consider reasonable alternatives proposed by the National Assembly during the deliberation process," revealing President Moon's intention that it is urgent for the supplementary budget proposal to at least pass the National Assembly hurdle.

President Moon also urged Cabinet members, saying, "The presidential election is just a month away, and our government's term has only three months left," and added, "I hope you will focus on state affairs without wavering through fair election management."

Although economic growth and employment rates continue to recover, President Moon pointed out that there are considerable external uncertainties such as global inflation and interest rate hikes, emphasizing, "We must closely monitor international affairs, economic trends, monetary policy, and financial market developments, and manage risk factors proactively and systematically."

In particular, he urged, "Regarding the Ukraine situation, please activate the whole-of-government response system internally to check the situation in each sector in real time and prepare a comprehensive response plan in advance to be ready for any eventuality."

President Moon stated, "We must also strengthen risk management related to rising interest rates," and added, "Since the burden of household debt repayment may increase, please ensure thorough management and make efforts to alleviate the burden on vulnerable groups such as low-income households and small business owners."

He continued, "Keeping in mind the possibility of prolonged global inflation, we must proactively manage factors pressuring price increases," and added, "Especially, please implement various price stabilization measures promptly with the top priority of stabilizing living costs for ordinary citizens."

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