New vice finance minister vows swift implementation of extra budget focused on economic recovery

Lim Ki-keun, the newly appointed second vice finance minister, is speaking with reporters in the press room of the Ministry of Economy and Finance located at Sejong Government Complex, Wednesday. Yonhap

Lim Ki-keun, the newly appointed second vice finance minister, said Wednesday the government will swiftly draw up an extra budget aimed at revitalizing the economy and stabilizing the livelihoods of ordinary people.

"Given the extremely difficult economic situation, the supplementary budget needs to be prepared with a strong sense of urgency," Lim, former chief of the Public Procurement Service, told reporters.

President Lee Jae-myung earlier ordered the government to expedite preparations for an extra budget, directing relevant ministries to identify key projects that can support economic recovery and boost private consumption.

Lim echoed the need for such an approach, highlighting the need to prioritize projects that can achieve both economic stimulus and stabilization of public livelihoods.

During his presidential campaign, Lee pledged to implement a supplementary budget of at least 30 trillion won ($22.1 billion) to reinvigorate the sluggish economy.

Industry watchers estimate the upcoming extra budget will amount to at least 20 trillion won, as the National Assembly already approved a separate 13.8 trillion won supplementary budget bill last month. (Yonhap)