Parties agree to pass public-fund related bills in package

The ruling and opposition parties intended to pass the public funds injection motion and the related public fund management law bill through the Assembly plenary session, but their parliamentary dispositions have been delayed until late Thursday night due to differences in their views on the method of the fund management and other points.

At a sub-panel of the Assembly Finance and Economy Committee, the ruling Millennium Democratic Party (MDP) and the main opposition Grand National Party (GNP) reached a consensus on passing the two bills in a package deal. But GNP lawmakers demanded that a provision requiring the government to receive parliamentary approval of the reuse of the paid public funds be incorporated in the projected bill. They also called for the projected public fund management committee to be put under the direct jurisdiction of the President.

However, the rival parties agreed to make it mandatory for financial institutions to receive management rationalization plans and trade unions' letters of approval on structural reforms for ailing enterprises under debt workout programs, court receivership or under the procedures of composition.

Meanwhile, the Assembly Special Committee on Budget and Accounts, at its plenary meeting, passed the 1999 budget accounts and the reserve fund disbursements as the administration had proposed. It then referred them to the Assembly plenary session for final endorsement. At the same time, the committee attached to the measures a supplementary resolution calling for the government's submission of accounting deliberation reports to the Assembly two or three months' earlier than the present from next year, so as to facilitate their parliamentary deliberations.

Yun Seung-Mo ysmo@donga.com