On the 26th (local time), Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok said, "If prompt processing is guaranteed, I will approach the National Assembly's supplementary budget discussions flexibly."
On the same day, Deputy Prime Minister Choi noted during a virtual consolidation meeting held in Washington, D.C., that he is "severely aware of the current economic situation."
This is interpreted as Deputy Prime Minister Choi indicating a willingness to positively consider the National Assembly's request for an increase in the supplementary budget. However, he presented the condition for the increase as, "It must conform to the fundamental principle of finance that states 'the precious taxes of the people must be spent most effectively,' and prompt processing must be guaranteed."
Deputy Prime Minister Choi also emphasized that, "As the sluggishness in construction investment continues, all sectors including private, public, and civil engineering must closely examine the factors of sluggishness," and that "fundamental revitalization measures must be devised."
During the meeting, participants shared information regarding the trends in the international financial market and various countries' responses to U.S. tariff policies discussed during the International Monetary Fund (IMF) and World Bank (WB) spring annual meeting.
Participants noted that although volatility in the domestic financial and foreign exchange markets has somewhat eased recently, uncertainties related to U.S. tariff policies remain significant, so they decided to closely respond to market conditions centered around the F4 meeting.
It was assessed that the GDP growth rate in the first quarter of this year showed sluggish trends, particularly in the construction sector, as temporary and extraordinary factors such as heavy snow, cold waves, wildfires, and bridge collapses occurred amidst an expansion of uncertainties both domestically and internationally, delaying the recovery of economic sentiment. It was decided to continuously discuss various combinations of macroeconomic policies to respond to the economy.
The meeting was held on the 26th at 6:30 a.m. (7:30 p.m. on the 26th in Korean time). Deputy Prime Minister Choi and Bank of Korea Governor Lee Chang-yong participated from Washington, while Financial Services Commission Chairman Kim Byung-hwan and Financial Supervisory Service (FSS) Governor Lee Bok-hyun attended the meeting from Seoul.