The Transition Committee "Strongly Requests the Supplementary Budget Proposal to Be Submitted to the National Assembly by the Current Government"

"In unavoidable cases, submit to the National Assembly immediately upon the new government's inauguration"

Shin Yong-hyun, spokesperson for the 20th Presidential Transition Committee, is announcing future plans including the schedule for ministry work reports at the transition committee press conference hall in Samcheong-dong, Jongno-gu, Seoul, on the afternoon of the 27th. [Image source=Yonhap News]

The Presidential Transition Committee (Transition Committee) stated on the 27th that it strongly requests the submission of a supplementary budget bill for COVID-19 loss compensation to the National Assembly during the Moon Jae-in administration.

Shin Yong-hyun, spokesperson for the Transition Committee, said at a press conference at the Transition Committee office in Samcheong-dong, Seoul, in the afternoon, "The Transition Committee strongly requests that the supplementary budget bill be submitted to the National Assembly under the current government."

Spokesperson Shin added, "During the Ministry of Economy and Finance briefing on the 24th, the Transition Committee already ordered the preparation of the supplementary budget with a sense of urgency," and said, "If unavoidable, it should be prepared without any setbacks so that it can be immediately submitted to the National Assembly as the new government takes office."

Regarding the scale of the supplementary budget, he explained, "It will be supported at a sufficient scale for fair and full loss compensation," and "The exact scale has not yet been determined."

Earlier, Ahn Cheol-soo, chairman of the Transition Committee, also told reporters on the same day, "We are of the opinion that a supplementary budget is necessary, and the Ministry of Economy and Finance is currently preparing it." Chairman Ahn said, "The issue is the funding," and added, "How to minimize the issuance of government bonds is important."

Although President-elect Yoon Seok-youl plans to swiftly push for a second supplementary budget of around 50 trillion won, it is known that the current government does not intend to submit a second supplementary budget bill to the National Assembly during President Moon Jae-in’s term.

It is expected that the issue of the supplementary budget will be an important topic at the dinner meeting scheduled between President Moon Jae-in and President-elect Yoon at 6 p.m. on the 28th.

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