Lee Jae-myung, the Democratic Party of Korea presidential candidate, was the governor of Gyeonggi Province from 2020 to 2021. On the 21st, Representative Park Soo-young of the People Power Party claimed that approximately 1.95 trillion won of the 27 trillion won provided as COVID-19 disaster relief funds was raised through 'debt feasting.'
According to the 'Gyeonggi Province 1st and 2nd disaster basic income loan details and repayment plan' disclosed by Park's office on this day, the first disaster relief fund (678.8 billion won) disbursed in April 2020 was funded by borrowing from the regional development fund.
The second disaster relief fund (1.2805 trillion won) provided in February 2021 was executed by borrowing 825.5 billion won from the regional development fund and 455 billion won from the integrated financial stabilization fund.
The regional development fund had the condition of '3 years grace period, 5 years repayment,' while the integrated financial stabilization fund had '2 years grace period, 3 years repayment' with an interest rate of 1.5% per annum.
In particular, Representative Park noted that the candidate did not repay any debt during the grace period and declared his candidacy for the presidential election in October 2021.
Representative Park pointed out, "Gyeonggi Province alone will have to repay a total of over 2 trillion won in remaining principal and interest until 2029, nearly 300 billion won a year."
In particular, Representative Park highlighted that the candidate stepped down from his position just a few days after executing the third disaster relief fund (630.8 billion won).
The support fund was secured through the supplementary budget, targeting approximately 2.537 million people, including the top 12% of income recipients excluded from the government's fifth COVID-19 coexistence support fund.
Representative Park remarked, "It was a waste of precious budget to provide disaster relief funds to wealthy individuals who do not need it, and this raises questions about whether funds were used excessively while laying the groundwork for the presidential competition."
He added, "This candidate has only sought his own accolades while passing all financial burdens onto the next governor, and if he becomes president, it is horrifying to think about how much more national debt he will incur and then 'eat and run.'"