[Asia Economy Reporter Lee Junhyung] Hong Namgi, Acting Prime Minister and Deputy Prime Minister for Economy, stated on the 19th that he "finds it difficult to agree" when ruling party lawmakers demanded retroactive application of the Loss Compensation Act.
During the government questioning session at the National Assembly that day, when Min Byungdeok, a member of the Democratic Party of Korea, pointed out that South Korea's fiscal role had been passive, Hong responded, "Why do you judge that the fiscal policy did nothing?" and added, "That is not the case." He continued, "The government mobilized national resources to the fullest extent, conducting four supplementary budgets and providing cash support worth 15 trillion won to small business owners," and added, "I find it difficult to agree with the statement that no measures were taken."
Regarding inquiries about retroactive application, he said, "There is also the issue of balance between those who received compensation retroactively and those who did not," and added, "If the design is flawed, it could lead to serious social conflicts."
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