Park Kwang-on "Credit Crisis, Urgent Extraordinary Measures Needed... Immediate Supplementary Budget Required"

"Supplementary Budget for Restoring People's Livelihood Economy Must Not Be Delayed"

Park Kwang-on, floor leader of the Democratic Party of Korea, on the 27th reiterated the call for the supplementary budget (추경) formulation, saying, "If we fail to respond in a timely manner, there is a great concern that the nightmare of millions becoming credit delinquents during the card crisis 20 years ago could be revived."

At the policy coordination meeting held at the National Assembly that morning, Floor Leader Park said, "Urgent and special measures are needed for vulnerable groups and credit crises."

[Image source=Yonhap News]

Floor Leader Park explained, "Three million people who have taken out household loans have no money left for living expenses because they are repaying debts. For 1.73 million borrowers at the limit who find it difficult to get additional loans, the principal and interest repayment amount has already exceeded their income," adding, "The delinquency rate of savings banks, which are mainly used by the working class, has exceeded 5%." He continued, "The principal and interest grace repayment measure for self-employed individuals, which has been in place since April 2020, will end in September. The scale of this is 85 trillion won," emphasizing, "The government must prepare a safety net for vulnerable groups and the working class."

He also added, "Active measures must be established for bad debts of self-employed individuals, and a new protection program for working-class debtors should be introduced."

Addressing the government, Floor Leader Park said, "The Democratic Party’s proposed supplementary budget for the recovery of the people’s economy should no longer be delayed," urging, "We call on the government to immediately enter into negotiations on the supplementary budget with the Democratic Party."

On the day marking the 70th anniversary of the armistice agreement, he also mentioned the passage of the 'Resolution to Urge the Establishment of Peace on the Korean Peninsula.'

Floor Leader Park said, "Today is the 70th anniversary of the (Korean War) armistice agreement," emphasizing, "The people want an end to the war, not just a ceasefire. The National Assembly has the responsibility to hand down a peace agreement, not an armistice agreement, to future generations." He added, "The Democratic Party has submitted a resolution reflecting this meaning to the National Assembly," and said, "We will work to pass it by August in consultation with the People Power Party."

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