Prime Minister Han Duck-soo: "No Need for Supplementary Budget Now... Doing Our Best to Execute This Year's Budget"

Answer to Government Questions on Economic Affairs in the National Assembly on the 7th

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Dongwoo Lee, Sejong=Reporter Seungseop Song] Prime Minister Han Duck-soo emphasized on the 7th regarding the supplementary budget plan, "I currently do not think it is necessary."

Prime Minister Han responded this way to a question from Choi Chunsik, a member of the People Power Party, during the government questioning session on economic affairs held at the National Assembly that afternoon, asking, "Is there a plan to prepare a supplementary budget?" Han said, "It has only been about a month and a half since the budget was passed and execution began," adding, "The government is making every effort to properly execute the budget approved by the National Assembly."

In response to Choi's question about "What is the fundamental reason for the heating cost bomb?" Han replied, "First of all, the demand for heating has particularly increased this year, and there is an aspect that demand has increased due to the weather." Han criticized the previous government's energy policy, saying, "When factors arise, if prices were adjusted appropriately, consumers could have prepared to some extent based on price signals, but I think sufficient efforts were not made over the past few years."

Regarding Choi's question about future plans to strengthen nuclear power, Han said, "Our energy supply structure has faced considerable challenges that did not exist before. It is not just about supplying cheap energy, but also about transitioning to high-quality energy to respond to climate change." He continued, "Because the demand for fossil fuels cannot be as high as we want and cannot be used freely, ultimately, high-quality energy must rely on renewable energy and nuclear power." He emphasized, "Using liquefied natural gas (LNG), crude oil, and coal will become unsustainable for our economy by 2050. Therefore, thorough preparation for renewables, nuclear power, and hydrogen is essential."

Regarding President Yoon Seok-yeol's remark that all government departments should become industrial departments, Han said, "During the 2008 financial crisis, it took considerable time to understand that problems linked to derivatives in a complex financial situation occurred," adding, "But this time, we know the causes and countermeasures. We will use policies according to priorities when necessary." He continued, "A more important challenge is to implement policies so that future generations can live more comfortably and feel happiness," emphasizing, "Broadly speaking, we must maintain fiscal soundness, keep an appropriate surplus in the balance of payments, and make the national economic system productive and fair."