Finance-Economy Committee embarks on deliberations on additional public funds

The Finance and Economy Committee of the National Assembly held a general meeting Monday and submitted a motion to raise additional public funds worth 40 trillion won, which was presented by the government, before embarking on full-scale deliberations.

In a presentation to the committee, Finance and Economy Minister Jin Nyum said that the government will soon organize a committee on public funds and make a regular report on the injection and operation of public funds to the National Assembly. He promised that the government will also arrange measures to allow the Korea Deposit Insurance Corporation to claim compensation for damages it suffers due to the illegal activities of insolvent companies receiving the funds.

However, trouble is expected as the committee¡¯s lawmakers from the main opposition Grand National Party (GNP) insist that the committee should review the motion on public funds in connection with a bill of a special law on public funds management submitted by the GNP.

In a policy briefing to the party presidential group, GNP spokesman Kwon Chul-Hyeon said that the parliamentary inspection into 109 trillion won of public funds already used could continue until early next year as it requires a lot of time.

Song In-Soo issong@donga.com