Jung Se-kyun: "Disaster Relief Fund at 20 Trillion Won Level... 'Lee Nak-yeon Style Supplementary Budget'"

Opening Remarks at the High-Level Party-Government-Cheong Coordination Meeting

Prime Minister Chung Sye-kyun is speaking about the supplementary budget and disaster relief funds at the 2nd High-level Party-Government Consultation held at the National Assembly on the 28th. 2021.2.28 [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] Prime Minister Chung Sye-kyun said on the 28th, "The government has accepted the party's demand for 'broad and substantial support' and has prepared an additional support plan of around 20 trillion won," adding, "In short, this supplementary budget (추경) proposal is the 'Lee Nak-yeon style supplementary budget.'"

Prime Minister Chung made these remarks during his opening statement at the high-level party-government-Cheong Wa Dae meeting held at the National Assembly in the afternoon. He said, "(Lee Nak-yeon, leader of the Democratic Party of Korea) pushed with great passion, which led us to reach an agreement." Attendees at the meeting included Lee Nak-yeon, Prime Minister Chung, Kim Sang-jo, Chief of the Presidential Office for Policy, and other party-government-Cheong Wa Dae officials.

Regarding the funding for the fourth disaster relief fund, Prime Minister Chung stated, "Most of the funding will be secured through the supplementary budget, while sufficiently utilizing available existing budgets." He added, "We could not avoid considering the issuance of government bonds that would burden future generations," but explained, "Since the situation concerns the survival of the people, the party and government agreed that immediate recovery of livelihoods is the top priority."

Prime Minister Chung said, "We will minimize blind spots and provide as broad and substantial support as possible to affected groups and industries," and added, "We will also make every effort to create jobs amid the current employment crisis." Furthermore, he emphasized, "Above all, we will ensure smooth support for the purchase and administration of COVID-19 vaccines to secure nationwide herd immunity quickly and safely."

If the supplementary budget is confirmed at the party-government-Cheong Wa Dae meeting on this day, it is scheduled to go through the Cabinet meeting on the 2nd of next month and be submitted to the National Assembly on the 4th.

Prime Minister Chung also emphasized regarding the 'institutionalization of the loss compensation system' that he had proposed, "Losses caused by government policies must be fairly compensated according to the law," adding, "That is the spirit of the Constitution." He mentioned, "The amendment to the Small Business Support Act was proposed on the 26th," and said, "We will swiftly establish a loss compensation system through close consultation between the party and government."

Meanwhile, addressing Lee Nak-yeon, who is expected to step down early next month in accordance with the Democratic Party's rules (resignation one year before the election), Prime Minister Chung said, "This meeting is publicly the last one with Leader Lee," adding, "Although the situation could change if he changes his mind, thanks to his leadership as party leader, many achievements such as the establishment of the Corruption Investigation Office for High-ranking Officials and economic reform legislation have been accomplished." In response to these remarks, Lee Nak-yeon bowed to Prime Minister Chung as a gesture of thanks.