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| ▲ President Yoon Suk Yeol presides over a Cabinet meeting at his office in Seoul on Aug. 29, 2023. (Yonhap) |
(LEAD) Yoon-Cabinet meeting
(LEAD) Yoon pledges to stick to sound fiscal policy, slams predecessor for reckless spending
(ATTN: CHANGES headline, lead; RECASTS throughout with more details)
By Kang Jae-eun
SEOUL, Aug. 29 (Yonhap) -- President Yoon Suk Yeol vowed Tuesday to stick to a sound fiscal policy, strongly criticizing the preceding Moon Jae-in government for increasing national debts with reckless spending.
Yoon made the remark during a Cabinet meeting, pledging to reject temptations of spending for political purposes, as the government proposed a national budget of 656.9 trillion won (US$495 billion) for 2024, the slowest on-year growth since 2005.
"Due to the previous administration's lax fiscal management, the national debts rose by 400 trillion won, and reached over 1,000 trillion won for the first time last year," Yoon said in opening remarks at the Cabinet meeting.
Thanks to his administration's efforts to achieve fiscal soundness, Yoon said the growth of national debts has markedly slowed, and the government will continue to stick to a sound fiscal policy for the sake of external credibility and price stabilization.
"Some people claim the government should boldly release budget ahead of elections," Yoon said. "But expanding spending through government bond issuance would shift the fiscal burdens to future generations, lead to a fall in sovereign ratings and worsen difficulties with business activities and livelihoods."
He said the government has reduced a total of 23 trillion won from last year by cutting budgets previously earmarked for political subsidies and for "cartels with vested interests."
Instead, he said the government will focus support in three key areas: supporting the vulnerable class, strengthening of the government's key functions, such as national security, and investment in new growth engines to create quality jobs.
Additionally, Yoon said the government will provide less-lethal handguns to all police personnel working in the field in the wake of a series of stabbing rampages and violent crimes.
Providing less-lethal handguns is aimed at encouraging the police to use such weapons to tackle crimes, as they are currently reluctant to use ordinary pistols because it could lead to deaths and the officers could be held responsible.
The government also plans to reform police duties to focus more on public safety and adjust budgets accordingly, Yoon added.
On the issue of Japan's release of radioactive water from its Fukushima nuclear power plant, Yoon said the government will increase budgets related to monitoring the safety of local seafood and the country's oceans to approximately 740 billion won.
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