2023-10-31 02:48:07
▲President Yoon Seok-yeol giving a speech at the city hall Photo: Yonhap News
President Yoon Seok-yeol said on the 31st, “The government’s fiscal management policy is sound finances, so as not to pass on unbearable debt to future generations.”
President Yoon said this in his speech on next year’s government budget held at the plenary room of the National Assembly on this day, saying, “Sound finances are very important for maintaining price stability internally and national credibility externally.”
President Yoon said, “Recently, the International Monetary Fund (IMF) praised Korea’s fiscal soundness as ‘the right direction.'” He added, “Accordingly, international credit rating agencies also selected fiscal soundness efforts as the most important factor in maintaining Korea’s national credit rating.” “He explained.
President Yoon emphasized, “Total spending in 2024 has been planned to increase by 2.8%, the lowest level since 2005,” and added, “In the process of preparing next year’s budget, a total of 23 trillion won in spending was restructured.”
President Yoon, however, said, “Sound finance is not regarding simply reducing spending, but regarding using the people’s tax money efficiently in the right place without waste.” “We will invest more in protecting the vulnerable and securing future growth engines,” he said.
He emphasized, “When the economy is in difficult times, we will provide more support to the common people, the vulnerable class, and the socially disadvantaged, who are experiencing greater difficulties.”
Specific items include: △ Additional payment of 1.5 trillion won in living allowance to 1.23 million households receiving basic benefits; △ Additional support for child support to 32,000 people by easing the income standard for single-parent families; △ Up to 600,000 won per year for 60,000 children from multicultural families. New payments for educational activity fees and an average 8% increase in scholarships for 670,000 low-income college students were introduced.
President Yoon then said, “We will faithfully use the people’s taxes to more thoroughly guarantee the safety and convenience of the people in relation to the essential functions of the country, such as public security, national defense, and administrative services,” and added, “We will dredge rivers to protect the safety of the people from flood damage.” “We will resume full-scale flood management and expand the flood early warning network to rivers across the country,” he said.
President Yoon said, “The government has steadily made preparations for pension reform for future generations,” and added, “We will actively participate and do our best to support the National Assembly until the pension reform plan is finalized into law through bipartisan discussions.” I promised.
President Yoon also said, “We will increase the short-term service incentive for entry-level executives and quickly promote ‘zero green waste residence halls,’” adding, “We will increase the soldier’s salary by 350,000 won next year to achieve ‘2.05 million won in soldier salary’ by 2025.” He also said, “We will push forward without any setbacks.”
Regarding the research and development (R&D) budget, which was controversial due to drastic cuts, President Yoon said, “It should be used to develop basic original technology and next-generation technology capabilities that are difficult for the private sector and the market to invest in research and development.” He added, “Advanced AI digital, bio, “We have significantly expanded R&D support for quantum, space, and next-generation nuclear energy,” he said.
President Yoon said, “The prices that our citizens feel are still high, and the burden of living expenses is increasing due to high interest rates that have persisted for a long time,” and added, “We will also strengthen efforts to ease the burden caused by prolonged high interest rates by expanding the supply of finance to the common people.”
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