Jin Sung-jun, chair of the Democratic Party of Korea's Policy Committee, noted on the 1st that negotiations are underway with the government to increase the support amount for recovery consumption coupons in non-capital regions and rural areas by 30,000 won and 50,000 won, respectively, and estimated that the relevant supplementary budget will increase by about 600 billion won.
Jin Sung-jun, chair of the Democratic Party's Policy Committee, stated during an MBC radio interview on 'Kim Jong-bae's Focus' that, "The economy is tough nationwide, but especially in local areas, it is even more challenging," adding, "Providing additional support to regions outside of Seoul aligns with this principle."
He continued, saying, "(We are) in negotiations with the government," and added, "An additional support of 30,000 won for non-capital regions is expected, and when we propose increasing the current 20,000 won for depopulated areas to 50,000 won, it seems that about 600 billion won will be needed more."
Earlier, the government had allocated 13.2 trillion won as a budget for the 'national recovery consumption coupons.' In response, the Democratic Party stated in the direction of reviewing the supplementary budget announced the day before, "There needs to be greater concern and care for regional economies that are experiencing increased economic difficulties compared to Seoul and the capital region," and expressed intentions to push for an increase in support funds to provide an additional 30,000 won per person in non-capital regions and 50,000 won in rural depopulated areas.
Chair Jin assessed that the impact of the supplementary budget execution on prices will be minimal. He stated, "Theoretically, when money is released into the market, prices rise. That is a theoretical deduction and there is no substantial basis for it in reality," adding, "Currently, the issue with prices arises not because of high demand or abundant liquidity, but rather due to supply issues."
In response to criticism that cash support leads to tax burdens, he emphasized, "It is a chronic recession, and consumption depression is lengthening. Considering this situation, we need to create an opportunity to restore our economy through supplementary budgets even if we have to borrow money," and added, "Since there is not much fiscal capacity anyway and if it is said that the supplementary budget would be financed by issuing Government Bonds, efforts must be made to maximize the effects of that supplementary budget. We believe that this is through recovery consumption coupons and local love gift certificates."
Regarding the promotion of contentious bills such as the Yellow Envelope Act (amendments to Articles 2 and 3 of the Labor Union Act) and the Grain Management Act, he stated, "The principle of the Democratic Party is to process them as early as possible. Therefore, if possible, we believe they should be handled even in the June extraordinary session," while also noting, "But there is a bit of a lack of physical time for reviewing these bills. If it cannot be done in the June session, we are thinking of convening an extraordinary session in July to proceed with the bill review and processing."
Concerning the 'Broadcasting Three Laws' (amendments to the Broadcasting Act, Broadcasting Culture Promotion Fund Act, and Korean Educational Broadcasting System Act) which focus on expanding the public broadcasting council, he stated, "I will seek agreement on the processing, but I will not adhere to the agreement and drag things out."