"Planning Office, Architect of National Strategy for the Next 30 Years"
"Sustainable Fiscal Policy... Strengthening Strategic Functions"
Park Honggeun, the nominee for Minister of Planning and Budget, stated on March 3, "The Planning Office must go beyond merely reorganizing budgetary functions and become the architect of a national future strategy looking ahead 30 years for Korea." He announced his intention to significantly strengthen strategic functions.
On this morning, as he arrived at the office prepared for his confirmation hearing at the Korea Deposit Insurance Corporation in Jung-gu, Seoul, Park said, "Yesterday, I was nominated as the Minister of the Planning Office, the nation's fiscal control tower," adding, "Before feeling joy, I am well aware of the challenges Korea faces, and the sense of responsibility weighs heavily on me."
Park, originally from Goheung, South Jeolla Province, graduated from Hyocheon High School in Suncheon and the Department of Korean Language and Literature at Kyung Hee University. He also obtained a master's degree in Public Administration from Kyung Hee University Graduate School. He first entered the National Assembly in the 19th general election in 2012 and has since served four consecutive terms through the 22nd general election. He is regarded as an expert in budgeting, having served as both secretary and chairperson of the National Assembly's Special Committee on Budget and Accounts. After the presidential election, he led the Planning Division of the National Policy Planning Committee, where he was involved in designing the functions and roles of the Planning and Budget Office.
Park remarked, "Through my experience as secretary and chairperson of the Special Committee on Budget and Accounts, I am more familiar than anyone with the structural crises faced on the ground." He continued, "I take the current demand as a call to establish new strategies for national development based on on-site feedback and to overcome complex crises through the positive functions of fiscal policy."
He particularly emphasized, "Challenges such as low growth, demographic cliffs, the climate crisis, regional extinction, polarization, and national division can no longer be postponed." He added, "Now is the time to redesign our national strategy. The Planning Office's ability to faithfully fulfill its role as the architect of Korea's future will determine the next 30 years of government."
Park Honggeun, a lawmaker from the Democratic Party nominated as the first Minister of Planning and Budget under the Lee Jae-myung administration, is arriving at the office prepared for the confirmation hearing at the Korea Deposit Insurance Corporation in Jung-gu, Seoul, on the 3rd. Yonhap News.
Finance Is Not a Magic Purse... Use Where Needed Most
Regarding fiscal management, Park stressed the importance of both "active fiscal policy" and "sustainability." He said, "I will seek a sustainable and active fiscal policy to stabilize people's livelihoods teetering on the edge," but also cautioned, "Fiscal resources are not a magic purse; since they are funded by taxpayers, they must be used where they are most needed." He went on, "I will boldly restructure unnecessary and non-urgent budgets and create the highest efficiency through structural reforms. I will also ensure that fiscal resources serve as a warm priming water even in local communities."
He also highlighted the importance of fiscal democracy and bipartisan cooperation. "The National Assembly, as the legislature, must have its budget review authority fully respected," he said. "The budget should not belong to the ruling party alone. We will enhance the transparency and efficiency of fiscal management, and only after sufficient deliberation will we ensure the most appropriate fiscal allocation."
On the possibility of formulating a supplementary budget, he responded cautiously, saying, "This is a matter to be determined through comprehensive discussions between the Presidential Office and related ministries." Regarding next year's budget proposal, he said, "Preparing the budget proposal by the end of March and the fiscal strategy meeting in May are urgent tasks. Since the Planning Office has been without a head for two months, I will focus on stabilizing the department and delivering results."
When asked about integrating the medium- and long-term strategy meetings with the fiscal authorities, he explained, "As we must prepare a long-term vision for the next 30 years, discussions cannot be limited to a single department. Comprehensive and pan-governmental discussions are necessary."
For the most urgent economic task, Park suggested "establishing a hyper-innovation AI economic cluster to create new growth engines." He emphasized, "The key is to figure out how to expand the economic scale while ensuring fiscal sustainability. I will focus on building a true hyper-innovation economic growth engine." Park concluded, "I will clarify my policies and vision in detail during the confirmation hearing and will be thoroughly vetted by public standards."
Park Honggeun, a Democratic Party lawmaker nominated as the first Minister of Planning and Budget under the Lee Jae-myung administration, is responding to reporters' questions on the 3rd as he arrives at the hearing preparation office set up at the Korea Deposit Insurance Corporation in Jung-gu, Seoul. Photo by Yonhap News.
Minimizing Impact of Iran Airstrikes... Monitoring Livelihood Budget Execution
Meanwhile, on this day, Vice Minister Lim Kigeun, acting as Minister of the Planning Office, convened the 3rd expanded executive meeting and ordered the Confirmation Hearing Support Team to thoroughly check all preparations for the hearing to ensure there are no gaps. Acting Minister Lim said, "Any small gap in the early days of the new administration can undermine the organization's credibility. All staff must remain vigilant and carry out their work without wavering."
He also instructed a thorough review of the execution of livelihood-related budgets in fields such as shipping and logistics for export companies, fuel costs, foreign currency budgets, and protection of overseas Koreans, to minimize the impact of instability in the Middle East caused by the Iran airstrikes by the United States and Israel.
Regarding the medium- and long-term development strategy and the budget proposal guidelines to be announced at the end of March, Lim directed, "Clearly include response tasks for structural crises such as low birth rates, carbon neutrality, AI transformation, polarization, and regional extinction, so that these guidelines serve as a practical roadmap." On preventing fraudulent subsidy claims, he stated, "There must be a firm awareness that such cases will be detected without exception and dealt with strictly."
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