Ahn Cheol-soo: "Additional Budget Needed for Loss Compensation and Healthcare... Minimize Government Bond Issuance"

"Government Organization Restructuring Plan, First Draft to Be Created and Discussed in Early April"

Ahn Cheol-soo, Chairman of the 20th Presidential Transition Committee, is entering after answering reporters' questions in front of the Presidential Transition Committee office in Tongui-dong, Jongno-gu, Seoul, on the afternoon of the 27th. Photo by Transition Committee Press Corps

[Asia Economy Intern Reporter Kim Jeong-wan] Ahn Cheol-soo, Chairman of the Presidential Transition Committee, stated regarding the "50 trillion won scale compensation for losses of small business owners and self-employed" that "I believe a supplementary budget (추경) is necessary" and added, "The Ministry of Economy and Finance is currently preparing it."

On the 27th, Chairman Ahn met with reporters in front of the transition committee office in Tongui-dong, Jongno-gu, and when asked about discussions with the government on the supplementary budget, he said, "The COVID-19 Special Committee and Economic Division 1, which I chair, are comprehensively proceeding together," conveying this.

Previously, President-elect Yoon Seok-youl pledged to invest 50 trillion won to support compensation for losses to small business owners and the self-employed who have suffered due to the COVID-19 crisis.

Chairman Ahn explained, "The issue is the funding, and minimizing national bond issuance is important," adding, "At the same time, the compensation for suffering small business owners and newly required healthcare-related costs are needed more than expected. Many tests and reagents are necessary."

Regarding the scheduled meeting today (28th) between President Moon Jae-in and President-elect Yoon, Chairman Ahn said, "Actually, it should have happened earlier, but it was delayed due to the process of adjusting various differences. We set the schedule because we are well aware of the public's concerns."

He continued, "Since it is a meeting between the current president and the president-elect, I think they will exchange principled remarks hoping for a smooth transition."

When asked whether lowering the Loan-to-Value ratio (LTV) related to real estate policy would be possible before inauguration, he replied, "It would require cooperation from the current government and various institutions," adding, "Urgent matters like extending the maturity of small business loans will be requested to the current government, and situations that can be handled after May will be dealt with in earnest after inauguration."

Regarding the possible transfer of the usual affairs division to the Ministry of Foreign Affairs and government organization restructuring, he said, "We are currently in the reporting stage before discussing the reorganization plan," adding, "After receiving reports by Tuesday (29th), a first draft will be created in early April for discussion."

Chairman Ahn added, "The current discussions seem to be based on what I or President-elect Yoon proposed as pledges. The most important thing is feasibility," and continued, "There are various criteria such as the possibility of securing funding and whether efficiency can be increased accordingly."

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