Yoon stresses fiscal soundness in parliamentary budget speech

Nov 01, 2023, 09:51 am

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President Yoon Suk-yeol delivers the 2024 budget speech at the National Assembly in Seoul on Oct. 31, 2023. / Source; Joint Press

AsiaToday reporter Hong Sun-mi

President Yoon Suk-yeol on Tuesday vowed to stick to a sound fiscal policy next year, saying, “Fiscal soundness is crucial not only for domestic price stability and for maintaining national credibility externally, but also for preventing future generations from inheriting unaffordable debt.”

The president’s remarks came in an annual policy address at the National Assembly. He said his administration’s financial philosophy is based on fiscal soundness concerning not jut a reduction in expenditure but also the proper and effective utilization of taxpayers’ money.

He said the government set its budget for next year as some 656.9 trillion won (approx. USD 484 billion), which is 2.8 percent up from this year’s budget – the smallest increase since 2005. He said the government restructured spending worth a total of 23 trillion won (approx. USD 17 billion).

“The restructured funds will be redirected to bolster basic state functions such as national defense, education and health, as well as to protect the socially vulnerable and secure future growth momentum,” Yoon said.

“We will closely prepare measures to stabilize people’s livelihoods that the public can feel,” he said, pledging to expand loans for the working class as part of efforts to ease the burden of prolonged high interest.

He also vowed to run a pan-government price stabilization system to focus on managing consumer prices while lowering the cost of necessities, such as housing, transportation and telecommunication, for vulnerable groups. “The government will prioritize policies aimed at stabilizing prices as well as public livelihoods.”

Yoon called for bipartisan support, saying, “The global economic uncertainties and security threats that we are facing call for national and bipartisan unity,” adding, “We ask you to join forces to overcome the complex crisis.”

Prior to the budget speech, Yoon met Rep. Lee Jae-myung, chairman of the main opposition Democratic Party (DP), his official talk with the main opposition party leader in his presidency.

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