President Moon Jae-in has voiced opposition to the idea of drawing up a fourth extra budget to cope with damage caused by recent heavy rains.

Visiting flood-hit areas on Wednesday, the president noted calls for a fourth budget that have emerged amidst concerns that current funding may be insufficient to respond to flood damage.

However, he said it takes much time to draw up a supplementary budget, adding that the central government and local municipalities still have sufficient funds.

Earlier in the day, the government and the ruling Democratic Party held a meeting and agreed that costs for flood recovery and relief efforts could be covered by the reserve fund.  

The president visited Hadong, South Gyeongsang Province, Gurye County in South Jeolla Province and Cheonan in South Chungcheong Province to console and encourage flood victims. He pledged the government's best efforts to support recovery efforts.