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Finance minister calls for cooperation with parliament on supplementary budget

Published: 07 Apr. 2025, 10:16 Updated: 07 Apr. 2025, 20:58

LIM JEONG-WON
[email protected]

Deputy Prime Minister and Finance Minister Choi Sang-mok speaks at a meeting with foreign affairs-related ministers at the Government Complex Seoul in Jung District, central Seoul on April 4. [YONHAP]

Deputy Prime Minister and Finance Minister Choi Sang-mok on Monday called for close cooperation with the National Assembly to pass a supplementary budget aimed at addressing urgent national issues.

“We must work closely with the Assembly to pass an essential supplementary budget that responds to urgent matters,” Choi said, speaking at a meeting with foreign affairs-related ministers at the Government Complex Seoul in Jung District, central Seoul.

He noted key priorities for the extra budget include establishing a new fund for advanced strategic industries through amendments to the Korea Development Bank Act, responding to trade risks, strengthening AI competitiveness and supporting small business owners and livelihoods.

The meeting was attended by Choi, Industry Minister Ahn Duk-geun, Foreign Minister Cho Tae-yul and Government Policy Coordination Minister Bang Ki-seon. Participants reviewed responses from other major economies following the U.S. announcement of reciprocal tariffs on Thursday.

Officials also discussed Korea’s strategy ahead of trade negotiations head Chung In-kyo’s upcoming trip to Washington.

Choi emphasized the importance of analyzing the broader macroeconomic impact of recent developments and said it is crucial to prepare targeted support measures for the most urgent sectors.

BY LIM JEONG-WON [[email protected]]