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Dispute Over Supplementary Budget Revision From the Start of Year

Dispute Over Supplementary Budget Revision From the Start of Year

Posted January. 06, 2005 22:22,   


The Uri Party’s Hong Jae-hyung said yesterday, “We are looking over the method of planning an supplementary budget revision for second half general investment plan (Korean New Deal Policy).”

As this issue is traditionally looked over in the second half of the year, this move of the government is seen as a strong will to actively supply money for boosting the economy.

Hong, in yesterday’s press conference, said, “We will boost the economy by planning funding in the first half of the year, and we will go ahead with the general investment plan in the later half. If the general investment plan is smaller than expected, we will revise the supplementary budget reassessment.”

He added, “We have to solve the economy and structural problems as soon as possible. We are thinking of loosening regulations on large and state-of-the-art companies and will support the establishment of middle to small and privately owned firms as well as service companies.”

Relating to this, a key officer of the Uri Party said, “With the passing of the fund management basic law at the end of last year by the National Assembly, the government will go ahead with a general investment plan of 100 billion won, including the pension fund, during the second half of this year. In the case of not enough funds, there will be supplementary budget revisions.”

Before this, authorities announced that they will spend 67 percent of this year’s budget to boost the frigid economy.

To this end, the Grand National Party’s Lee Han-goo, chief of policy making, criticized, “It has not been long since the National Assembly planned this year’s budget, and so releasing money from the start of the year is an act of foolishness. Releasing the pension fund and announcing a supplementary budget revision plan will just increase the national debt and worsen the country’s financial state.”

Young-Hae Choi yhchoi65@donga.com