Budget Execution Pending... Lee Jae-myung "Urges Swift Supplementary Budget"

Lee "We Must First Ease the Burden on Vulnerable Groups"
"Consumer Sentiment Is as Bad as During COVID-19"

Lee Jae-myung, leader of the Democratic Party of Korea, urged the swift preparation of a supplementary budget (추경) related to the 2025 budget plan. Ahead of the execution of the 2025 budget plan, which the government submitted and the National Assembly passed only reflecting reduction opinions, he argued that a supplementary budget is necessary for vulnerable groups.

At the Supreme Council meeting held at the National Assembly on the morning of the 27th, Lee said, "Small business owners continue to shut down, and high inflation is being renewed daily," adding, "The government should no longer make excuses to block the supplementary budget." While the government and the People Power Party intend to inject the budget as quickly as possible within the current budget plan to revitalize domestic demand, Lee insists that an additional budget targeting ordinary citizens should be prepared. Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, has promised 'swift budget execution' to stimulate domestic demand and stabilize people’s livelihoods.

Lee Jae-myung, leader of the Democratic Party of Korea, is speaking at the Supreme Council meeting held at the National Assembly on the 27th. Photo by Kim Hyun-min

Targeting the budget execution policy of the ruling party and government, Lee pointed out, "This is not a situation that can be handled by the usual 'early execution in the first half of the year,'" and added, "With global environmental changes such as the launch of Trump's second term, our economy is expected to become more difficult." He said, "At times like this, the first to be sacrificed are the vulnerable groups who are on the edge between life and death," and asked, "Shouldn't we first relieve the pressure on these people?" He then added, "I once again urge a swift supplementary budget."

Lee also claimed that the current negative economic situation is due to the December 3 emergency martial law incident. He said, "Due to the internal conflict, consumer sentiment is at its worst, comparable to the COVID-19 pandemic," and added, "The already difficult livelihood economy is plunging to the bottom due to impeachment obstruction by pro-internal conflict forces including the People Power Party." He also mentioned, "Because of the statement by the Prime Minister acting temporarily as the president, the stock market fell again and the exchange rate soared."

The Democratic Party is pushing for the impeachment of Han Duck-soo, the Acting President and Prime Minister. This move follows Han’s statement the previous day that he would withhold the appointment of three Constitutional Court justices allocated to the National Assembly.