Fiscal Expert Roundtable
MOEF Vice Minister Shares with Fiscal Experts Outcomes of
National Fiscal Strategy Meeting
2nd Vice Minister of Economy and Finance An Il-whan shared with fiscal experts on May 27 the outcomes of the annual National Fiscal Strategy Meeting held last Monday. 2nd Vice Minister An also talked about the priorities of the 3rd supplementary budget proposal, and the participants discussed budget priorities in both short-term and long-term points of view. Here is a summary of 2nd Vice Minister An’s keynote address.
Outcomes of National Fiscal Strategy Meeting
- We need to expand fiscal spending in a preemptive and aggressive manner to help overcome the COVID-19 crisis
- We need to increase fiscal spending efficiency by investing in more productive areas
- We need to strictly manage fiscal soundness in the mid-term perspective, such as through spending restructuring
Priorities of the 3rd supplementary budget proposal
1. Finance the over 135 trillion won worth of business support package
2. Support the over 550,000 job creation in the public sector
3. Stimulate local economies and boost exports
4. Work on spending restructuring to finance the 3rd supplementary budget
3rd supplementary budget proposal to take into consideration the roundtable outcomes
Outcomes of the roundtable will be reflected in the 3rd supplementary budget proposal, as well as in the 2021 budget proposal and 2020-2024 fiscal management plan.
Please refer to the attached pdf