Choi Sang-mok Suggests Possibility of Supplementary Budget... "Parliament and Government Can Discuss Together"

Supplementary Budget Discussions Possible
if the 'National Assembly-Government Policy Council' Is Activated

Acting President and Deputy Prime Minister Choi Sang-mok, who is also the Minister of Economy and Finance, is saluting the national flag at the Cabinet meeting held at the Government Seoul Office on the 21st. Photo by Yonhap News

Choi Sang-mok, Acting President and Deputy Prime Minister as well as Minister of Strategy and Finance, hinted on the 21st that the supplementary budget could be discussed on the premise that the 'National Assembly-Government Policy Council' is activated.

In his opening remarks at the Cabinet meeting held at the Government Seoul Office that morning, Acting President Choi said, "The need for additional fiscal input to support the difficult livelihood and strengthen industrial competitiveness is being raised not only by the political circles but also by local governments, the business community, and frontline sites."

He added, "Regarding this, if the 'National Assembly-Government Policy Council' is promptly activated, the National Assembly and the government can discuss together under the basic fiscal principle of 'using the precious taxes of the people most effectively.'"

While the government had maintained the position that it was not considering the supplementary budget, it is interpreted that the government has somewhat changed its stance recently as the necessity of the supplementary budget has been increasingly voiced by Lee Chang-yong, Governor of the Bank of Korea, and some political circles.

Governor Lee said on the 16th, "In a situation where consumer sentiment has worsened, if the supplementary budget is going to be implemented anyway, it is better to do it quickly," adding, "Growth is declining, and other methods besides monetary policy are needed to stimulate the economy."

Acting President Choi emphasized that amid expected changes in the trade environment due to the inauguration of the new U.S. administration under Donald Trump, the government and the National Assembly must join forces to focus on economic and livelihood recovery.

On the day, Acting President Choi said, "We must unite the power of the entire nation, including political circles and businesses, to overcome internal and external difficulties," and emphasized, "especially, the 'National Assembly-Government Policy Council' should be activated as soon as possible to promptly handle key livelihood and economic bills."

He continued, "The urgent handling of piled-up livelihood bills such as the amendment to the Restriction of Special Taxation Act to alleviate the burden on small business owners and reduce investment burdens on small and medium-sized enterprises is necessary," and said, "Legislation such as the Semiconductor Special Act recognizing exceptions to working hours, the Power Grid Special Act, and the Offshore Wind Power Special Act, which support strengthening the global competitiveness of our industry, are being eagerly awaited by companies."

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