Koo Yoon-cheol, the Deputy Prime Minister and Minister of Economy and Finance nominee, expressed his agreement regarding the organizational restructuring plan that separates the Ministry of Economy and Finance's budget formulation function.
During the personnel hearing of the Strategy and Finance Committee on the 17th, Koo noted that he shares the view that the distribution of national resources should center around the President and that each department should autonomously formulate their budgets.
Earlier, the Presidential Committee on Policy Planning reported a draft government reorganization plan to the presidential office earlier this month, which reportedly includes a proposal to separate budgeting authority from the Ministry of Economy and Finance.
Meanwhile, Koo showed a cautious stance regarding the possibility of a third supplementary budget this year. When People Power Party's Park Sung-hoon asked, "There are discussions in some quarters of the ruling party about a third supplementary budget and consumer coupons," Koo drew the line, stating, "The best course is to execute the first and second supplementary budgets and focus on achieving results there."
He also mentioned concerns about fiscal soundness. Koo explained, "If government debt increases, it could lead to various complex issues such as declining external credibility," adding, "We will concentrate on areas where fiscal actions can be effective, and where outcomes are not seen, we will streamline finances as much as possible."
He added, "I will not neglect fiscal support for vulnerable groups such as those with low income."
Koo stated in a written response on the 15th, "Currently, we plan to focus on the swift execution of the 35 trillion won budget, which was confirmed by the National Assembly for the first and second supplementary budgets to stimulate the economy and stabilize livelihoods."