Minister nominee Park Hong-geun of the Ministry of Planning and Budget said, "The public finances are not a cornucopia," adding, "I will lay the groundwork for 'sustainable, active fiscal policy.'"
Park said in his opening remarks at the National Assembly's Finance, Economy and Planning Committee confirmation hearing on the 23rd, "Now is the time when an active fiscal role is required to ease household burdens, alleviate polarization, solidify the economic recovery, and lift the potential growth rate."
Regarding the supplementary budget, Park said, "Due to the recent external shock of Middle East uncertainty, there is growing concern that the hard-won recovery momentum could weaken," adding, "In particular, rising fuel costs go beyond a simple inflation figure and become a matter of survival for ordinary people and small business owners." He added, "We will swiftly draw up the supplementary budget to minimize the impact on livelihoods, the economy, and industry, and submit it to the National Assembly."
Park said, "The Ministry of Planning and Budget will become the 'control tower' of a future strategy that breaks through the five major structural risks head-on and achieves grand national unity," as he laid out three goals.
First, he said, "We will complete a grand design that sets a centennial national framework," adding, "We will put down firm roots for a long-term strategy with a 20- to 30-year horizon to support Korea's future, and link it organically with five-year state agendas, the midterm fiscal plan, and the annual budget."
He also said, "We will overhaul the fiscal management paradigm," adding, "We will break the routine of simple budget allocation and establish a practical 'top-down budgeting system' for strategic resource allocation based on national priorities." He continued, "We will carry out no-sacred-cow expenditure restructuring across both mandatory and discretionary spending," adding, "We will cut nonessential expenditure."
Park said, "Under the grand principle of 'sovereignty resides with the people,' we will make the tangible improvement of people's lives the top value of policy," adding, "We will make the social safety 'mat' denser and stronger so that the fruits of growth do not remain with certain classes and regions, but are shared evenly by everyone in our society, including young people, small business owners, people with disabilities, and non-capital regions."
He said, "Rather than data on a desk, I will be a Minister who responds more sensitively to the rough knuckles of pre-dawn market vendors and the anxious eyes of young people, and finds answers in the field."