Yoon budget speech emphasizes fiscal soundness, cost of living relief

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Yoon budget speech emphasizes fiscal soundness, cost of living relief

Published: 31 Oct. 2023, 12:04 Updated: 31 Oct. 2023, 14:21

SARAH KIM
kim.sarah@joongang.co.kr

President Yoon Suk Yeol gives a budget speech at the National Assembly in Yeouido, western Seoul, on Tuesday. [JOINT PRESS CORP]

President Yoon Suk Yeol stressed the importance of fiscal soundness to improve people's livelihoods as he called for lawmakers' support for the passage of the 657 trillion-won ($487 billion) budget proposal for next year in a speech to the National Assembly Tuesday.

"Our government's fiscal management policy is sound finances," Yoon said in a budget speech at the National Assembly in western Seoul. "We will maintain a sound fiscal stance by setting total expenditures to increase by 2.8 percent in 2024, the lowest level since 2005."

"Sound finance is not about simply reducing spending, but using the people's tax money efficiently and without waste," Yoon elaborated.

He noted the government saved 23 trillion won by restructuring the spending.

"We will also strengthen efforts to ease the burden caused by prolonged high interest rates by increasing financial supply to the common people," Yoon said.

Yoon said he will prioritize policies aimed at stabilizing prices and public livelihoods.

Addressing high prices and the burden of cost of living due to continued high interest rates, Yoon said, "The government will respond with all-out effort and put the stability of prices and people's livelihoods at the top of all policies."

He said government agencies will work together on a price stabilization system to manage consumer prices while reducing the cost of essential living expenses, such as housing, transportation and telecommunication for vulnerable groups and "thoroughly preparing measures to stabilize people's livelihood" in a tangible way.

Yoon also emphasized his administration's three major reforms — pension, labor and education for future generations.

"Global security risks due to the Israel-Hamas armed conflict and the Ukraine-Russia war are increasing instability in the world economy," Yoon said. "The global economic instability and security threats we face now demand for national and bipartisan cooperation."

President Yoon Suk Yeol, left, shakes hand with Democratic Party Chairman Lee Jae-myung at the National Assembly in Yeouido, western Seoul, before making his parliamentary speech on next year’s budget on Tuesday. [JOINT PRESS CORPS]

The speech was attended by the leaders of the liberal Democratic Party (DP), which holds a parliamentary majority, and Yoon's People Power Party (PPP).

The rival parties signed a gentlemen's agreement on Oct. 23 to refrain from carrying pickets or booing during the president's parliamentary address and other political leaders' speeches at a plenary session of the National Assembly.

Yoon had an opportunity to have a chat with DP Chairman Lee Jae-myung, who attended this year's parliamentary budget speech after he and his party boycotted it last year.

Ahead of his budget speech, Yoon took part in a meeting presided over by National Assembly Speaker Kim Jin-pyo, also attended by the DP and PPP heads and floor leaders, as well as the prime minister and chiefs of the Supreme Court, Constitutional Court, National Election Commission and Board of Audit and Inspection.

BY SARAH KIM [kim.sarah@joongang.co.kr]