People Power Party: "Prioritize Expenditure Restructuring to Secure Supplementary Budget Funds"

If the Items Proposed by the People Power Party Are Added, the Supplementary Budget Amount Will Be 45 to 50 Trillion Won

Kim Ki-hyun, floor leader of the People Power Party, is attending the floor strategy meeting held at the National Assembly on the 21st. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Hyunju Lee] On the 21st, the People Power Party stated that the funding for the supplementary budget (추경) submitted by the Ministry of Economy and Finance to the National Assembly must be secured through expenditure restructuring.

Kim Ki-hyun, the floor leader of the People Power Party, told reporters after a morning meeting, "It is unacceptable to prepare the supplementary budget without any expenditure restructuring."

The People Power Party agreed to the supplementary budget for supporting small business owners and self-employed individuals but is opposed to the method of securing the funds. The party leadership previously met with Ando Geol, the 2nd Vice Minister of the Ministry of Economy and Finance, and requested that seven items be included in the supplementary budget, such as increasing the support fund for small business owners and self-employed individuals from the current 1 million won to 3 million won as proposed by the government, with a maximum increase up to 10 million won, and expanding the loss compensation rate from the current 80% to 100%. The total supplementary budget amount calculated based on the items proposed by the People Power Party reaches 45 to 50 trillion won.

Regarding the funding for the supplementary budget, the People Power Party insists that unnecessary budgets must be reorganized. Ryu Seong-geol, a member of the People Power Party and the opposition whip of the National Assembly's Planning and Finance Committee, also said at the party's floor strategy meeting that day, "The People Power Party will secure the supplementary budget funds through expenditure restructuring rather than deficit bonds and will review it in a way that provides substantial support to small business owners and self-employed individuals."