Yoon urges lawmakers to approve budget proposal in address delivered by prime minister

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Yoon urges lawmakers to approve budget proposal in address delivered by prime minister

Published: 04 Nov. 2024, 18:08 Updated: 04 Nov. 2024, 18:16

SEO JI-EUN
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Audio report: written by reporters, read by AI

Prime Minister Han Duck-soo reads President Yoon Suk Yeol's budget speech during a plenary session at the National Assembly in Seoul on Monday. [YONHAP]

President Yoon Suk Yeol urged lawmakers to swiftly approve the government's 2025 budget proposal in a parliamentary address Monday, highlighting provisions to support public livelihoods and promote structural reports for future growth.

“The government has prepared this budget with the people’s well-being as a top priority, focusing on structural adjustments and reforms needed for Korea’s future progress,” Yoon said in his address, delivered to the National Assembly by Prime Minister Han Duck-soo.

This marked the first time in 12 years a prime minister had delivered the president’s budget address.

The budget, amounting to 677.4 trillion won ($493.3 billion) — a 3.2 percent increase from this year’s budget of 656.6 trillion won — aims to address economic recovery, bolster national resilience and tackle critical reform areas.

Reflecting on economic and geopolitical hurdles, Yoon highlighted ongoing global challenges such as Russia's war in Ukraine, the Middle East conflict, high inflation and elevated interest rates.

“There has not been a single day without concern due to significant domestic and global challenges,” he said, adding that the government has prioritized fostering a market economy and maintaining fiscal health, aiming for an economy driven primarily by the private sector.

The president also cited recent economic milestones, including projected record-high exports this year, a forecasted per capita GDP surpassing $40,000 by 2026 and South Korea’s recent inclusion in the World Government Bond Index (WGBI). Yet, he acknowledged that while the economy shows signs of revival, the pace of improvement in people’s livelihoods “is not meeting expectations.” He vowed that the government would ensure citizens can tangibly feel the benefits of the economic recovery.

A key feature of Yoon’s 29-minute address was his repeated emphasis on the government’s commitment to four major reform areas: healthcare, pensions, labor and education. He used the words “healthcare” and “reform” 19 times each, underscoring these as “essential tasks for the nation’s survival that cannot be postponed.”

Prime Minister Han Duck-soo reads President Yoon Suk Yeol's budget speech during a plenary session at the National Assembly in Seoul on Monday. [NEWS1]

This year’s address, read by the prime minister, differed in tone from Yoon’s budget speech in October last year, in which the president expressed thanks and urged cooperation several times. This year, he concluded his address with a simple “thank you” without other expressions of appreciation or calls for collaboration with lawmakers.

The prime minister's delivery of Yoon's parliamentary address comes amidst heightened partisan tensions.

Yoon has faced increasing calls from both liberal even some conservative lawmakers to directly address issues surrounding a leaked recording involving Myung Tae-kyun, a self-fashioned political broker, and concerns involving first lady Kim Keon Hee, as well as to initiate personnel changes within his administration.

"The president intends to address the public directly after key international events, including the U.S. presidential election, the Asia-Pacific Economic Cooperation (APEC) summit and the Group of 20 (G20) summit," a presidential official said. The official added that there would be no “reshuffling solely for show.”

In the coming days, Policy Chief Sung Tae-yoon and National Security Adviser Shin Won-sik are set to brief the public on government accomplishments and future goals on Tuesday and Wednesday.

Parliamentary Speaker Woo Won-shik expressed "strong regret" about Yoon's absence during the budget address, criticizing the decision as a “violation of the people’s rights.”

“The budget address is a crucial process in which the government presents the new year’s budget to the National Assembly, reports on budgetary policies to the public and seeks cooperation from lawmakers,” he said in the parliamentary plenary meeting.

BY HEO JIN, SEO JI-EUN [[email protected]]