Acting President Han: "Timing Is Crucial in Crisis Response... Urges Swift Passage of Supplementary Budget as Catalyst for Economic Recovery"

"Tonight, Korea-U.S. Trade Consultations...
All-Out Effort Under the Principle of Putting National Interest First"

Prime Minister and Acting President Han Ducksoo delivers a policy speech on the supplementary budget bill at the National Assembly plenary session on April 24, 2025. Photo by Kim Hyunmin

Prime Minister and Acting President Han Ducksoo stated on the 24th, "When responding to a crisis, the timing of implementing policies is just as important as the content itself," adding, "The moment when the helping hand of government finances must reach those in desperate need is right now."

During a policy speech on the supplementary budget bill at the National Assembly plenary session that morning, Han emphasized, "Currently, the Republic of Korea is facing significant challenges both domestically and internationally," and earnestly requested, "I sincerely ask for the prompt review and approval of the supplementary budget bill submitted by the government, so that this budget can provide solid support to the people and serve as a valuable catalyst for the recovery and leap forward of our economy." It is the first time in 46 years that an acting president has delivered a policy speech on the supplementary budget bill since former Acting President Choi Kyuha did so in November 1979.

Han stressed that, amid unprecedented uncertainty caused by U.S.-driven tariff policies and a rapidly changing global economic environment where the future is unpredictable, it is urgent to adopt strategies that maximize the national interest. On April 21, the government submitted a supplementary budget bill totaling 12.2 trillion won to the National Assembly. The bill includes 3.2 trillion won for disaster and emergency response, 4.4 trillion won for trade and artificial intelligence (AI) support, and 4.3 trillion won for stabilizing people's livelihoods.

Han also stated, "Tonight, in Washington, D.C., the Deputy Prime Minister for Economic Affairs and the Minister of Trade, Industry and Energy will hold a 'Korea-U.S. 2+2 Trade Consultation' with the U.S. Secretary of the Treasury and the U.S. Trade Representative (USTR)," emphasizing, "The government will make every effort to seek mutually beneficial agreements between the two countries, focusing on three key areas: trade balance, shipbuilding, and liquefied natural gas (LNG), under the principle that national interest comes first."

Han pledged, "To enable rapid recovery in areas severely affected by large-scale and high-speed wildfires, we will triple the disaster response budget from the existing 500 billion won to 1.5 trillion won," and added, "To help disaster victims fully return to their daily lives, we will provide 1,000 newly built rental housing units and low-interest loans for housing restoration, and implement a special regeneration project to restore villages that were completely destroyed by wildfires."

As high inflation has persisted since COVID-19, dampening consumer sentiment, and high interest rates continue, the government will also provide fiscal support to stabilize people's livelihoods. Han said, "Immediate and practical support is urgently needed to alleviate the burdens faced by small business owners and vulnerable groups, whose lives are becoming more difficult day by day."

He also called for the National Assembly's cooperation for the sake of people's livelihoods and the national interest. Han remarked, "In the past, we have wisely overcome crises and turned them into opportunities for new leaps forward," and continued, "There were sincere efforts of close communication and cooperation between the government and the National Assembly, and the people gave their unwavering support and encouragement."

He added, "Just as we have overcome numerous crises together with one heart in the past, I believe that if we trust and cooperate with each other once again, we will be able to successfully resolve the daunting challenges ahead of us."