Acting President Choi: "Swift Supplementary Budget Discussions Needed, but Existing Budget Execution Comes First" (Comprehensive)

"I believe it is right to proceed with discussions while monitoring the effects of budget execution"
"Protecting national credit rating is the top priority... Also seeking survival strategies for core industries"

Choi Sangmok, Acting President, Deputy Prime Minister, and Minister of Economy and Finance, stated on February 13 that while swift discussions on a supplementary budget (extra budget) are necessary, the execution of the existing budget should take priority.

Appearing at the National Assembly's economic sector interpellation session on this day, Choi responded to a related question from Park Kyuntaek, a lawmaker from the Democratic Party of Korea. Choi explained, "We will begin by discussing the principles regarding the supplementary budget at the ruling-opposition-government policy council," adding, "The discussions will cover all aspects, including the necessity, timing, scale, and projects of the supplementary budget."

He also highlighted the importance of the speed of supplementary budget discussions. Choi emphasized, "It is only natural that the priority should be to execute the 673 trillion won budget allocated for this year as quickly as possible." He further expressed his view, stating, "I believe it is appropriate to proceed with supplementary budget discussions while observing the effects of budget execution."

Choi Sangmok, Acting President and Deputy Prime Minister as well as Minister of Economy and Finance, is responding to lawmakers' questions during the economic sector interpellation session held at the National Assembly plenary session hall in Yeouido, Seoul, on the 13th. Photo by Yonhap News

In response to a question from Democratic Party lawmaker Park Ji-won regarding the supplementary budget, Choi said, "It would be beneficial to discuss the basic principles of the supplementary budget at the policy council," and added, "The government also recognizes the difficulties faced by people's livelihoods and the uncertainty in global trade, so we are open to discussing those issues." However, Choi stressed, "Above all, the most important factors are the purpose and projects of the supplementary budget, and there must be consensus on the basic principles regarding them."

On this day, the Democratic Party's Policy Committee and the Task Force for Livelihood Economic Recovery proposed a supplementary budget plan totaling 35 trillion won, including 24 trillion won for livelihood recovery and 11 trillion won for economic growth.

Additionally, when asked, "What do you believe should be the top priority for the Republic of Korea to address political turmoil and revive the people's economy?" Choi answered, "Protecting the nation's credit rating is number one (the top priority)," and continued, "Next is the people's economy, and third is devising survival strategies for core industries."

Regarding a question about the Chinese artificial intelligence (AI) model 'DeepSeek,' Choi commented, "It has demonstrated that low-cost, high-performance AI models are possible." He further explained, "It has provided hope in that the economic landscape could shift from competition based on capital or computing infrastructure to competition based on algorithms and software," and added, "If sufficient infrastructure is established, I believe Korea can also develop models like DeepSeek, which gives us confidence."