SEOUL, February 13 (AJP) - Acting President Choi Sang-mok said Thursday that the government is open to discussions on a proposed supplementary budget, as concerns grow over economic uncertainty.
“With a national policy consultation meeting on the agenda, it would be useful to discuss the fundamental principles of the supplementary budget,” Choi, who also serves as deputy prime minister and minister of economy and finance, said during a National Assembly session on economic affairs.
His remarks came after the main opposition Democratic Party proposed a 35 trillion won ($26.2 billion) spending package, aimed at bolstering economic growth and providing relief to struggling households.
Of that amount, 24 trillion won is earmarked for public welfare initiatives, while 11 trillion won is designated for economic support. The proposal exceeds the 30 trillion won plan outlined by party leader Lee Jae-myung in a parliamentary speech days earlier.
The government and ruling party, however, are considering a far more modest package of roughly 15 trillion won — less than half of the opposition’s proposal. The Bank of Korea has suggested a compromise figure between 15 trillion and 20 trillion won.
“The government recognizes the difficulties facing the public and the uncertainties in global trade,” Choi said. “We are prepared to engage in discussions.”
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