National Economy Expenditures Increase by 4.5 Trillion Won in Second Half

In the second half of this year, the expenditures of the national economy will be increased up to 4.5 trillion won, including about 2 trillion won in supplementary budget increases. The government and the ruling party had a government-ruling party consultation in the VIP hall in the National Assembly on June 15, where the floor leader Cheon Jeong-bae of the Uri Party, and the minister, Kim Byung-il of the Ministry of Planning and Budget, were present. They came to an agreement to increase the expenditure of the national economy in the second half of this year to stabilize people’s livelihoods and support minor enterprises.

The government and the ruling party are planning to gather up to 4.5 trillion won additionally: more than 2 trillion won by discovering additional business areas for public enterprises where the resolution of the National Assembly is not required, and more than 2 trillion by making supplementary budget increases and changing the plans of using funds where the resolution of the National Assembly is required.

The newly secured funds will be used for creating 55,000 jobs, paying increased heating costs of institutions for welfare of the aged, and building shelters for the aged.

Additionally, these funds will be used for supporting facilities, creating businesses, supplying operating funds to relieve the fund-shortage problems of minor enterprises such as supporting developing information technologies in minor enterprises, and activating traditional markets. Especially aimed at supporting people’s stabilized dwellings, the funds also will be used to construct public rental houses and for-sale houses for people without their own homes.

The budgeting office of the Uri Party will complete the execution of the “more than 2 trillion won,” including enlarging the expenditure of the fund, where the National Assembly’s vote is not required, within this month.

Also, for the “more than 2 trillion won” that needs the resolution of the National Assembly for acts such as drawing up the estimate, they decided to push on in minimal time regarding the National Assembly’s schedule such as organizing a standing committee.

Section chief Jang Byung-wan of the budgeting office explained, “As the budget was executed earlier in the first half of the year, we expected the amount of budget for the second half of the year would be lower than that of last year. Therefore, we are increasing the expenditures of the national economy.”

The budget originally planned for this year was 186.228 trillion won, including 118.356 trillion won in general accounts and 67.6668 trillion won in special accounts.

Jin-Hup Song Hoon Lee jinhup@donga.com dreamland@donga.com