Kim Jong-in: "This Year's Budget of 512 Trillion Won Will Anyway Remain... Should Be Converted to 100 Trillion Won COVID-19 Budget"

[Asia Economy Reporter Jeon Jin-young] Kim Jong-in, the General Election Committee Chairman of the United Future Party, proposed that “the government and the National Assembly should promptly reallocate about 20% of this year’s budget to secure an emergency budget of around 100 trillion won” in response to the economic impact of the novel coronavirus infection (COVID-19).

On the day, Kim held an emergency economic measures press conference at the National Assembly as his first schedule as the election committee chairman, stating, “In the current situation, a significant portion of the main budget of 512 trillion won will remain unused anyway.”

He emphasized, “The 20th National Assembly must convene a special session immediately after the general election to complete the budget restructuring. The Ministry of Economy and Finance should also prepare immediately.” Regarding measures for self-employed and small business owners, he said, “The COVID-19 emergency economic measures should focus on directly, immediately, and continuously compensating the wages of small businesses, self-employed individuals, and workers until the disaster situation ends.”

[Image source=Yonhap News]

He continued, “Rent support should also start quickly,” and pointed out, “Senior officials should stop visiting mask factories and instead inspect the sites of COVID-19 emergency support loans. They should meet self-employed people who leave without even being able to make loan consultations or appointments.”

He added, “We should also find ways to allow banks to underwrite more corporate bonds by expanding the Korea Credit Guarantee Fund, and absorb over 1,000 trillion won of idle funds in the market into government bonds to secure reserve funds.”

Regarding the current government’s COVID-19 economic response policy, he sharply criticized, saying, “It is thanks to the national capabilities we have built together over the past 70 years.” Kim pointed out, “Those currently in government have no reason to be self-congratulatory, nor is it the time to do so. The situation is still ongoing.”

Kim also stated, “We will form a majority party in the National Assembly and complete and present the COVID-19 emergency economic measures within one month of the opening of the June session.” He emphasized, “I could not refuse the United Future Party’s request to take the lead in judging the Moon Jae-in government,” adding, “This general election might be the last exit to return to the path of saving the country.”

Meanwhile, regarding the strategy for the April 15 general election, Kim said, “If we do not assume victory, we cannot lead the election. Naturally, I believe we will win.” In the subsequent press conference, he responded, “We will strive to secure the maximum number of seats. We will also gladly accept requests for TV debates.” Regarding internal party nomination controversies, he added, “Nominations are already finalized, and official election campaigns will begin soon, so there is no need to mention it further.”