Seoul: Acting President Choi Sang-mok announced the government's readiness to engage in discussions with the National Assembly regarding the potential injection of an additional budget, responding to increasing demands aimed at revitalizing the economy amidst challenging conditions. Choi made this statement during a Cabinet meeting, highlighting the need for financial intervention to bolster struggling sectors.
According to Yonhap News Agency, Choi emphasized that calls for extra fiscal input are emerging from various political spheres, local governments, and the business sector. These groups are advocating for additional funds to support struggling livelihoods and enhance industrial competitiveness. Choi underscored the importance of ensuring that any discussions with parliament adhere to the fundamental principle of utilizing taxpayers' money most effectively.
The government has already allocated 431.1 trillion won (US$300.2 billion), representing 75 percent of this year's total budget, to be executed in the first half of the year. This allocation aims to support self-employed individuals and enhance economic stability. However, rival parties have advocated for further budget discussions, particularly in areas crucial to people's livelihoods and economic recovery.
Bank of Korea Governor Rhee Chang-yong has also suggested an additional budget ranging from 15 to 20 trillion won, pointing out significant downside risks to the economy.