Assembly to begin annual audit

Government officials prepare for the National Assembly’s annual audit at the Central Government Complex in downtown Seoul, Tuesday, a day before its beginning. The Assembly will conduct the audit for 20 days beginning Wednesday. / Yonhap

By Lee Min-hyung

The National Assembly will begin its annual audit of the government and public bodies Wednesday, with rival parties expected to clash fiercely, particularly on President Moon Jae-in's defense and economic policies.

The Assembly audit, which will take place for 20 days, is a check on government spending in its introduction and implementation of policies.

This year's audit will focus particularly on verifying the effectiveness of the Moon administration's economic policy drives.

Even before the audit, the main opposition Liberty Korea Party (LKP) expressed its determination to raise criticism of Moon's economic and defense drives.

“The LKP will take issue with the Moon administration's illusive policies, most of which are short on details,” LKP floor leader Rep. Kim Sung-tae said.

“They include the government's income-led growth policy, which has ended in failure, and its dogmatic inter-Korean military agreements,” he said.

Income-led growth is the key to President Moon's economic policy under which the government seeks to boost the national economy by raising the incomes of salaried workers and thus increase private spending.

But statistics have recently shown that the livelihoods of the people have not improved and millions of self-employed workers have expressed their frustration in the wake of the government's decision to raise the minimum wage.

The opposition parties have in recent months also stepped up their criticism on the government's real estate policy, as it has failed to stabilize home prices in Seoul.

Since the Moon administration took office in May last year, the government has pushed ahead with a series of tough regulatory measures on the nation's real estate market.

Last month, housing prices in Seoul posted a 10-year record-high increase, according to statistics from the Korea Appraisal Board.

The average housing price in Seoul increased by 1.25 percent, compared to a month ago, and this monthly growth is the highest in 10 years, according to the data.

The LKP also plans to denounce the government for carrying out its “pro-North Korea” policies without close consultation with the Assembly.

“We are going to look into the North Korea policies pushed by the government at a time when the North is not taking any practical denuclearization measures,” Kim said.

“It is time for us to correct the policy errors of the government,” he said. In time with the audit, the government should stop coming up with unrealistic and illusive economic and social policies, Kim added.