No talks underway on supplementary budget: finance chief
Finance Minister Koo Yun-cheol, right, buys twisted doughnuts at Cheonan Jungang Market in Cheonan, Monday. Yonhap
Finance Minister Koo Yun-cheol said Monday there have been no discussions within the government regarding a supplementary budget despite speculation about additional fiscal measures to support economic growth.
Koo made the remarks while speaking to reporters during a visit to a local market, as President Lee Jae Myung has recently mentioned the need for a supplementary budget on several occasions to support the culture and arts sector, and to boost the broader economy.
"As of now, there are absolutely no discussions within the government regarding a supplementary budget," Koo said.
Speaking of talks with the United States over bilateral tariff issues, Koo said Industry Minister Kim Jung-kwan explained South Korea's position to U.S. Commerce Secretary Howard Lutnick, adding that some misunderstandings "have been cleared up."
"We explained that South Korea will pass the necessary legislation without delay and proceed step by step with the required procedures," Koo added.
Regarding the domestic stock market, the minister said Monday's drop in the benchmark Korea Composite Stock Price Index (KOSPI) was mainly due to the sudden strengthening of the U.S. dollar following the nomination of a new Federal Reserve chair, adding that the government would "monitor the situation closely."
The KOSPI sank 5.26 percent to close at 4,949.67, snapping a four-session winning streak, following recent rallies.