Choi Sang-mok "Record Largest Damage from Wildfires... 10 Trillion Won Emergency Supplementary Budget Planned"

Choi Sang-mok Hosts Emergency Economic Ministers' Meeting
Aimed at Responding to Disasters, U.S.-Originated Trade Risks, and Livelihood Issues

The government officially announced on the 30th its plan to push forward a supplementary budget (supplementary budget). Along with the 'wildfire supplementary budget' to restore damages caused by the wildfires in the Yeongnam region, the aim is to swiftly respond to domestic and international adversities such as trade risks originating from the United States and sluggish domestic demand.

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, stated at the 'Emergency Economic Ministers' Meeting on Urgent Issues' held at the Government Seoul Office Building in the afternoon, "The government intends to promote a 10 trillion won scale 'essential supplementary budget' that includes only projects that can be executed promptly to resolve urgent issues."

The main areas for the supplementary budget include ▲ disaster and accident response ▲ strengthening trade and artificial intelligence (AI) competitiveness ▲ and support for people's livelihoods. These are items with little disagreement between the ruling and opposition parties.

Yonhap News

First, Deputy Prime Minister Choi explained regarding the wildfire damage, "The wildfire caused damage to approximately 48,000 hectares of forest and resulted in 75 casualties, marking the largest scale of damage in history," adding, "A swift and systematic response and support are essential for the rapid return of the affected residents to their daily lives."

Regarding the areas of trade and AI competitiveness enhancement, he expressed concern, saying, "Externally, trade risks such as tariffs imposed by the new U.S. administration are materializing, threatening the survival of key industries, and competition for leadership in advanced industries such as AI is intensifying," and "With sluggish domestic demand and overlapping export slowdowns, difficulties in the livelihoods of vulnerable groups such as ordinary citizens and small business owners are worsening."

He further emphasized, "To overcome this crisis, the nation must mobilize all its capabilities," and "Beyond maximizing the use of existing available resources, rapid additional fiscal investment must be made."

He also requested political cooperation for the prompt formulation of the supplementary budget. Deputy Prime Minister Choi added, "Considering the urgency of overcoming wildfire damage, the dire state of people's livelihoods, and urgent external issues, it is very important that the 'essential supplementary budget' is pushed forward quickly," and "If the ruling and opposition parties 'agree' on the purpose of the essential supplementary budget, the government will promptly proceed with consultations with relevant ministries and agencies to formulate and submit the supplementary budget proposal."