Released the 4th Supplementary Budget for 'Jangma Damage Recovery'

Party and Government Consultation on the 12th

[Image source=Yonhap News]

[Asia Economy Reporters Park Cheol-eung and Won Dara] The Democratic Party of Korea has decided to hold a party-government consultation on the 12th to discuss flood damage countermeasures, including the 4th supplementary budget (supplementary budget), with the government.

Initially, the Democratic Party was reluctant about the 4th supplementary budget, stating that the focus should be on next year's main budget formulation. However, due to the unprecedentedly long rainy season causing severe flood damage and concerns over additional damage from typhoon landfall, the party appears to be changing its stance. The opposition parties, the United Future Party and the Justice Party, are also positive about the supplementary budget for flood recovery, making it highly likely that the 4th supplementary budget for flood recovery will gain momentum.

Lee Hae-chan, leader of the Democratic Party, stated at the Supreme Council meeting on the 10th, "The party and government will hold a high-level party-government consultation as soon as possible to urgently discuss all necessary matters such as the allocation of contingency funds and supplementary budgets." He added, "We will urgently complete consultations between the party and government to ensure swift recovery and do our best to compensate for the damages."

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This is the first time the party leadership has officially announced discussions on the 4th supplementary budget. Park Kwang-on, a Supreme Council member, said, "Contingency funds will be promptly deployed where there is financial demand for emergency recovery," adding, "If difficult, the National Assembly needs to proactively review the supplementary budget and propose it to the government."

Song Gap-seok, spokesperson for the Democratic Party, told reporters immediately after the meeting, "We decided to urgently reconvene the party-government meeting, which was initially not scheduled due to holidays," and added, "We are considering holding it around Wednesday (the 12th) and will coordinate with the Prime Minister's Office." He further explained, "There is about 2 trillion won in disaster contingency funds, which will be used first, and the supplementary budget will also be reviewed," and noted, "Discussions were also held on updating disaster support funds that have been frozen for 15 years."

The opposition parties are also open to the supplementary budget. Kim Jong-in, emergency committee chairman of the United Future Party, told reporters on the same day, "We have spent too much money so there is not much budget left," but added, "Because the scale of flood damage is so large, I think we cannot avoid having a supplementary budget to cover it all." This leaves room for possible consultation on the Democratic Party's supplementary budget review.

Sim Sang-jung, leader of the Justice Party, also expressed the need to promptly push for the supplementary budget. In a press release on the same day, Sim said, "Although the government declared seven areas as special disaster zones, heavy rain damage is occurring nationwide, so this is insufficient," urging, "The National Assembly must be convened quickly to formulate a supplementary budget for disaster damage recovery." She added, "Now is not the time to leisurely say let's judge after seeing the scale of damage," emphasizing, "This time, the ruling and opposition parties must unite to help the people safely overcome the crisis." Reporters Park Cheol-eung and Won Dara hero@asiae.co.kr