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Finance Minister Negative about Extra Budget

Written: 2024-04-19 08:58:29Updated: 2024-04-19 09:22:56

Finance Minister Negative about Extra Budget

Photo : YONHAP News

Finance minister Choi Sang-mok has expressed negative views on the opposition party’s call to compile a supplementary budget, saying that the government is more focused on supporting people’s livelihoods. 

The minister, who is visiting the U.S. to attend meetings of the International Monetary Fund(IMF) and the World Bank, made the remarks to reporters on Thursday in Washington, D.C. 

Choi said that the current fiscal policy should play a role of supporting people’s livelihoods and vulnerable groups in society rather than responding to the economic recession, adding a supplementary budget is usually arranged to cope with an economic recession. 

Regarding soaring prices, the minister said that although there are many risk factors, the government maintains its projection that prices will stabilize in the second half, citing the stable trends in core prices. 

Regarding the won’s steady depreciation against the U.S. dollar, Choi said that the government is closely monitoring market changes and has response plans for a variety of scenarios.

He stated that the government would send a message to the foreign exchange market through international cooperation if necessary, adding that his meeting with the Japanese finance minister and the trilateral finance minister's meeting with the U.S. were part of that effort.

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