Byunghwan Kim: "Positive on Supplementary Budget, Scale and Content Are Key"

Byunghwan Kim, Chairman of the Financial Services Commission. Photo by Yongjun Cho

Byunghwan Kim, Chairman of the Financial Services Commission, expressed a positive stance on the formulation of an additional supplementary budget, stating that it would help alleviate hardships faced by the public.

On February 18, during a plenary session of the National Assembly’s Political Affairs Committee, Chairman Kim responded to a question from Kang Junhyun, a lawmaker from the Democratic Party of Korea, regarding the necessity of a supplementary budget. He said, "There are indeed hardships affecting people's livelihoods, and with various issues arising following the launch of the new U.S. administration, there is clearly a fiscal demand. Therefore, discussions on a supplementary budget need to begin within the national policy consultative body."

He added, "Since the budget was passed at the end of last year and we are now at the stage of beginning its execution, the Financial Services Commission, as well as the government as a whole, is currently focused on executing the allocated budget as quickly as possible. We hope that discussions within the consultative body between the ruling and opposition parties and the government will proceed swiftly, as the scale and content of the supplementary budget are important."

Regarding the supplementary budget, Bokhyun Lee, Governor of the Financial Supervisory Service, said, "I basically agree with the idea of a supplementary budget, but I believe that monetary policy easing would have a greater effect. Ideally, both measures should be pursued together."

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