Han Byeong-do, floor leader of the Democratic Party of Korea, said on the 25th, "As fiscal capacity has grown, we must make clear the priorities of where and how much to invest first," adding, "Wise solutions must also be prepared to strategically inject funds into diverse fiscal needs such as youth, region-led growth, and future strategies."
Han said in his opening remarks at a party-government consultation on the 2027 budget bill held at the National Assembly on the morning of the day, "Next year's budget bill must clearly set out the national investment direction that will lead Korea's great leap forward," adding, "We must focus fiscal capabilities on securing leadership in future industries."
He went on, "Thanks to the semiconductor boom and other factors, national tax revenue for next year is expected to increase significantly," adding, "The increased fiscal room must be used to change Korea's tomorrow." Han emphasized, "Following last year, this year as well we will make sure to pass the budget bill within the statutory deadline to craft a budget for people's livelihoods and Korea's future."
Kwon Chil-seung, the party policy chief, said, "The 2027 budget bill reflects appropriations to wrap up the repayment of public funds from the IMF financial crisis era," adding, "The people's government completed the IMF foreign exchange crisis, and the people's sovereignty government is bringing it to a close."
Park Hong-geun, Minister of the Ministry of Planning and Budget, said, "The 2027 budget bill is the first budget for which our government fully oversees the entire pre-submission process, and we focused on supporting a great leap to an irreplaceable Korea through proactive fiscal backing," adding, "At a time when structural low growth is becoming entrenched, we focused support on leading a trend reversal in the potential growth rate and ensuring that the fruits of growth spread across all generations, regions, and classes, including youth, small business owners, and vulnerable groups."