Yeo: "Third Supplementary Budget Bill to be Passed in June... Bold Fiscal Investment"

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, is holding a press conference at the National Assembly on the 31st. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Wondara] The Democratic Party of Korea announced that it will formulate the third supplementary budget on a bold scale and have it processed by the National Assembly in June.

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, said at the '2020 Second Half Economic Policy Direction and 3rd Supplementary Budget Party-Government Meeting' held at the National Assembly on the morning of the 1st, "The government must send a signal that it will definitely protect jobs and revive the economy through a bold third supplementary budget," adding, "In uncertain situations, it is better to have enough than to have less. The third supplementary budget should have sufficient fiscal input and be executed swiftly."

He continued, "The matters decided at today's party-government meeting will be promoted with a sense of speed," and added, "We will hasten discussions with the opposition party to ensure that legislative tasks are not missed."

Jo Jung-sik, chairman of the Democratic Party's Policy Committee, also said, "The third supplementary budget will complete procedures such as cabinet approval this week and be immediately submitted to the National Assembly," adding, "We will do our best to have the supplementary budget processed within June."

Chairman Jo said, "Regarding the economic policy direction to be discussed today, the party and government will prioritize the swift overcoming of the novel coronavirus disease (COVID-19) and the establishment of a leading economy," adding, "The third supplementary budget must be processed quickly so that the Bank of Korea's interest rate cut policy can produce greater synergy."

He added, "Today, the party and government will discuss key projects essential for implementing the Digital New Deal and Green New Deal, and consult on plans to advance the industrial economy such as the modernization of the automobile, aviation, and service industries," adding, "We will also actively reflect the expansion of trade finance to revitalize domestic demand and boost export vitality. We will boldly invest fiscal resources in core projects that can produce visible results by 2022."

Meanwhile, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said, "We prepared the second half economic policy direction one month earlier than usual and formulated the third supplementary budget three times in one year for the first time in half a century," adding, "After concluding today's party-government meeting, we will finalize and announce the third supplementary budget after the emergency economic meeting presided over by the President this afternoon. It will be the largest supplementary budget in history in terms of single scale."