People Power Party: "MOEF's Refusal to Increase Budget Makes Supplementary Budget Approval Difficult by the 14th"

"Very Passive on Budget Increase Projects, Only Adhering to Government's Original Plan"

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is speaking while presiding over the 54th Emergency Economic Central Countermeasures Headquarters meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 10th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Hyunju Lee] The People Power Party announced on the 10th that it would be "difficult to pass the supplementary budget (추경) bill by the 14th" due to the government's refusal to increase the budget.

Members of the People Power Party's Special Committee on Budget and Accounts held a press conference on the same day and stated, "The Ministry of Economy and Finance is very passive and negative about the additional increase projects unanimously agreed upon by both ruling and opposition parties in the standing committee and additionally requested in the Budget and Accounts Committee," announcing this position.

Opposition members of the Budget and Accounts Committee emphasized, "The Ministry of Economy and Finance is maintaining its stance to keep the government's original budget by refusing expenditure restructuring," adding, "Unless there is a progressive change in the government's position, it is currently judged that passing the supplementary budget bill by the 14th, just before the official start of the presidential election campaign, will be difficult."

The Budget and Accounts Committee held a subcommittee meeting the day before and conveyed to the Ministry of Economy and Finance the position to review the supplementary budget original plan of 14 trillion won, the 40 trillion won passed by the standing committee, and the additional increase projects from the Ministry of Education, Ministry of Land, Infrastructure and Transport, and others. However, it is known that the Ministry of Economy and Finance conveyed that a large-scale increase is difficult.

Ryu Seong-geol, the opposition secretary of the Budget and Accounts Committee, said on the day, "We once again urge the Ministry of Economy and Finance to promptly prepare a revised plan reflecting innovative financial measures and the increase projects requested by the People Power Party."

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