Kim Nominee Hesitates on National Debt Ratio and Government Budget
Kim Heejeong: "You Must Grasp the Scale of the Finances... Regrettable"
Kim Minseok, the nominee for Prime Minister, gave an incorrect answer at the confirmation hearing on the 24th when asked about the national debt-to-GDP ratio, stating, "I believe it is around 20 to 30 percent."
Kim Minseok, the nominee for Prime Minister, is responding to lawmakers' questions at the confirmation hearing held at the National Assembly in Yeouido, Seoul, on the 24th. Photo by Yonhap News
At the confirmation hearing held at the National Assembly in Yeouido, Seoul, Kim Minseok responded to a question from Kim Heejeong, a lawmaker from the People Power Party, who asked, "Do you know what the debt ratio is?" Kim Minseok replied, "Depending on the situation, some say it is lower than the OECD average, while others say it is higher," and gave the aforementioned answer.
In response, Kim Heejeong pointed out, "The national debt-to-GDP ratio is 48.3 percent, and there is a risk that it will exceed this level if an additional supplementary budget is implemented," adding, "It seems that (Kim Minseok) is completely unaware of the current supplementary budget proposal."
When asked about the size of this year's government budget, Kim Minseok said, "The budget size has been calculated up to now, but I believe it is a situation where we need to make new projections."
When Kim Heejeong asked for an approximate figure, Kim Minseok responded by asking, "Do I need to provide the exact number?"
Kim Heejeong criticized, "This year's budget is 673 trillion won," and added, "In order to lead the recovery of the people's livelihood and the economy, you need to know the scale of the national finances and the national debt-to-GDP ratio, so you can adjust the debt ratio and decide whether or not to inject more funds this time."
She continued, "It is very regrettable that you seem unable to manage even your own personal assets, let alone have an overall grasp of the nation's economy, as I had expected."
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