On the 31st, President-elect Yoon Seok-yeol announced that he would submit to the National Assembly in the name of the Yoon Seok-yeol government on the ’50 trillion additional supplementary budget bill’. This is a change to the policy that originally requested the current government to organize an additional budget.
At the office of the transition committee in Tongui-dong, Jongno-gu, Seoul, on the same day, Rep. Choo Kyung-ho, secretary of the Planning and Coordination Division of the Presidential Transition Committee, said, “The direction, content, scale, and submission period of the supplementary budget are solely decided by the Yoon government and proceeded.” Then, he emphasized, “It is not a matter of whether or not he can cooperate (or not cooperate) after consulting with the department responsible for decision-making of the current government.” It was aimed at Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki, who said, “I will not submit an additional budget plan during the Moon Jae-in administration.”
The supplementary budget plan is expected to mainly include compensation for losses to small business owners and self-employed people who have suffered damage due to the novel coronavirus infection (COVID-19). President-elect Yoon said in a report on the Economics Division of the transition committee on the same day, “When the state imposes restrictions on business hours and bans on gatherings on individuals, the natural premise that compensation for loss of property rights restrictions should be the basis.” Then, he emphasized ‘spending restructuring’ as a supplementary budget plan and said, “Loan support, credit guarantee, and re-employment education support should be compensated for losses of 50 trillion won.”
However, there is a possibility that the total additional budget will not exceed 50 trillion won. Rep. Choo said, “Please wait for the results of the work,” but “President-elect Yoon talked about compensation for losses of 50 trillion won (in the course of the election), and in the meantime, there was the first additional budget.” As a result, there is an observation that the first supplementary budget, which was worth 16.9 trillion won, and the newly formed supplementary budget can be combined to reach 50 trillion won. Regarding the issuance of deficit government bonds raised by the Democratic Party of Korea as a means of raising financial resources, Rep. Choo said, “We may reduce the (additional budget) project and not issue it.”
In addition to loss compensation, the supplementary budget is expected to include quarantine costs and price response measures. “We will consider whether to reflect additional budgets for various projects, such as measures to ease the burden on people’s livelihoods in response to rising international raw material and oil prices due to quarantine and the Ukraine crisis,” Choo added.
Correspondent Choi Hye-ryeong herstory@donga.com
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