If the government skips a supplementary budget for the first time in eight years, is it thanks to the opposition leader? What an irony it is.
The economy faces a crisis from high interest rates and strong dollar. If the world economy enters a recession, Korea could experience tough times. Politicians must stop their race to supplementary budgets.
President Yoon Suk-yeol stressed the importance of bipartisan cooperation to pass a supplementary budget and overcome global and domestic challenges in his first address to the National Assembly Monday morning.
When netting out subsidies to local governments and transfers for local educations, the extra spending totals 36.4 trillion won. The previous record is the 35.1 trillion-won supplementary budget in 2020.
Hammered out by People Power Party (PPP) and President Yoon Suk-yeol, the draft calls for 3.7 million small businesses receiving at least 6 million won each for losses suffered during the pandemic.
The Bank of Korea raised the policy rate for the fourth time since August.
President Moon Jae-in and President-elect Yoon Suk-yeol finally held a meeting after the March 9 presidential election following a last-minute cancellation amid a war of nerves between the outgoing and incoming presidents.
Korea JoongAng Daily Sitemap