Law on Public Funds Under Consideration

Home > National > Politics

print dictionary print

Law on Public Funds Under Consideration

Reversing its earlier position, the ruling Millennium Democratic Party on Tuesday said that it will review the possibility of drawing up a special law on managing the public funds injected into various economic sectors to revive the national economy.

"We will consider establishing a special law to manage public funds, for transparent management and allocation of the funds," the ruling party's chief policymaker Lee Hai-chan said.

The party had initially opposed the main opposition Grand National Party's demand to pass a law to govern allocation of the funds.

The government, having exhausted 110 trillion won ($96 billion) in public funds since the outbreak of the 1997 financial crisis, has plans to raise an additional 40 trillion won to energize lagging sectors of the economy.

The two parties will meet Wednesday to work out the details.

In another development, the government Tuesday agreed on a revision to the ethics code for civil servants, compelling high-ranking government officials to report their purchases, sales and transfers of stock.

Currently, high-ranking government officials must submit a report of their personal assets and those of their immediate families.


by Kim Ji-soo

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
s
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)