Vice Minister Choi Sang-dae: "Sound Fiscal Policy and Investment, Fiscal Management with Both Hands Needed"

Economic and Fiscal Experts Meeting

Choi Sang-dae, Vice Minister of Strategy and Finance, is delivering opening remarks at the 'Economic and Fiscal Experts Meeting' held on the 23rd at the Korea Fiscal Information Service in Jung-gu, Seoul.

Choi Sang-dae, the 2nd Vice Minister of the Ministry of Economy and Finance, emphasized the need to maintain a sound fiscal stance while simultaneously investing in growth and welfare.

On the 23rd, Vice Minister Choi attended the 'Economic and Fiscal Experts Meeting' held at the Korea Fiscal Information Service in Jung-gu, Seoul, and stated, "Ambidextrous fiscal management is necessary." This meeting was organized to review domestic and international economic and fiscal conditions with economic and fiscal experts and to broadly gather opinions from private experts before the formulation of the 2024 budget.

Vice Minister Choi said, "On one hand, we plan to continue efforts to accelerate the establishment of a sound fiscal stance despite uncertain revenue conditions," adding, "Along with rigorous expenditure restructuring following last year, we will strengthen strict management of treasury subsidies and performance management of key fiscal projects."

He continued, "We plan to complete the legislation of fiscal rules, which are the institutional foundation of sound fiscal management, and announce the mid- to long-term fiscal innovation plan 'Fiscal Vision 2050' in the first half of the year," appealing, "The amendment to the National Finance Act for the legislation of fiscal rules has not passed the National Assembly, so cooperation and support from the Assembly are urgently needed."

He also mentioned, "On the other hand, we will not neglect the fiscal responsibilities such as investment in growth and welfare," stating, "We will prepare next year's budget to visualize national achievements and faithfully support the protection of socially vulnerable groups."

Meanwhile, Jeon Byung-mok, a senior researcher at the Korea Institute of Public Finance who delivered a presentation that day, advised, "Considering the rapidly increasing national debt and domestic and international monetary tightening, maintaining a sound fiscal stance is inevitable," and emphasized, "Well-targeted fiscal policies are necessary to support low-income and vulnerable groups."