The Transition Committee Urges the Ministry of Economy and Finance to "Prepare the Supplementary Budget Bill Promptly"

Policy Special Advisor Kang Seok-hoon (right) and Economic Division 1 Secretary Choi Sang-mok (center), along with other committee members, are moving to attend the Fair Trade Commission briefing held on the morning of the 24th at the Government Sejong Convention Center in Sejong City. [Image source=Yonhap News]

The Presidential Transition Committee (Transition Committee) requested on the 24th during the Ministry of Economy and Finance's briefing, "Please prepare to promptly submit a supplementary budget bill to the National Assembly to ensure fair and full compensation for small business owners affected by COVID-19."

The Transition Committee's Economic Division 1 received a briefing in the afternoon at the Sejong Government Sejong Convention Center from senior officials and key directors of the Ministry of Economy and Finance.

At this meeting, the transition members asked the Ministry of Economy and Finance to "actively reflect the support projects for the recovery and self-reliance enhancement of small business owners, as well as the discussion points from the Transition Committee's COVID-19 Emergency Response Special Committee."

They also urged, "Please focus on the government's active role and measures that the public can feel, to assist companies and citizens struggling due to high oil prices and inflation."

The Ministry of Economy and Finance reported on measures to stabilize prices for ordinary citizens, responses to COVID-19 damages, and support directions for daily life recovery. The Transition Committee focused on reviewing economic impact response plans for the Ukraine crisis, directions for responding to global financial volatility, and supply chain stabilization.

Discussions were also held regarding the Ministry's key future tasks, including improving the economic structure to expand growth engines, job creation and labor market structural reforms, and establishing a new welfare system.

After the briefing, a discussion was held on identifying and specifying core national agenda items.

The Ministry of Economy and Finance presented on dynamic innovation growth centered on the private sector and securing fiscal soundness after COVID-19, and based on this, participants from the Transition Committee and the Ministry exchanged opinions.

The Transition Committee explained, "Based on the results of today's briefing and thematic discussion, we plan to select and specify economic national agenda items that will form the foundation of the new government's economic policy for the next five years, leading to the leap and prosperity of our economy through additional review and consultations with related agencies."

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