The First Economic Team of the Yoon Government Led by Choo Kyung-ho Faces Its First Task: the 'Second Supplementary Budget'

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] The first economic team of the Yoon Seok-yeol administration officially launches on the 11th.

The new economic team led by Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is expected to produce its first work in the form of drafting the second supplementary budget (supplementary budget) of around 35 trillion won.

According to the Ministry of Economy and Finance on the 10th, Deputy Prime Minister Choo began his duties as the inaugural economic commander of the Yoon administration at midnight on that day. His first schedule was attending President Yoon Seok-yeol's inauguration ceremony held at the National Assembly.

On the morning of the 11th, he will make his debut as the government’s representative at the ruling party-government consultation scheduled to be held at the National Assembly to draft the second supplementary budget. At this meeting, Deputy Prime Minister Choo is expected to discuss the scale of the supplementary budget and methods of securing funds with the ruling party. Ahead of submitting the supplementary budget proposal, it was reported that he did not attend the congratulatory dinner for President Yoon’s inauguration and instead held an internal meeting at the Ministry of Economy and Finance.

The new government’s first supplementary budget is known to be around 35 trillion won. Compensation for losses to small business owners affected by COVID-19 is the core of this supplementary budget, and measures to alleviate the burden on vulnerable groups suffering from high inflation are also expected to be included.

The support funds are likely to be paid by deducting already provided subsidies and compensation amounts from the estimated loss amount of each individual small business owner. For vulnerable groups such as special-type workers (teuksoohyeong geunrosangsa) and others, support funds worth between 500,000 and 1.5 million won are being considered, and consumption coupons are being reviewed for low-income households.

On the same afternoon, an inauguration ceremony for Deputy Prime Minister Choo will be held at the Government Complex Sejong. On the afternoon of the 12th, the second supplementary budget proposal is scheduled to be announced at a joint briefing of related ministers presided over by Deputy Prime Minister Choo.

Deputy Prime Minister Choo must also serve as acting Prime Minister until the Prime Minister is confirmed. As the confirmation of Prime Minister candidate Han Duck-soo by the National Assembly is being delayed, it is expected that after Prime Minister Kim Boo-kyum steps down, Deputy Prime Minister Choo will hold the authority to recommend cabinet members as acting Prime Minister.