Minister Park Hongkeun Vows Swift Supplementary Budget and Zero Waste of Tax Revenue

Inauguration Ceremony Held on the 25th Via YouTube Live
Highlights Risks Such as AI, Demographic Changes, and the Climate Crisis

Park Hongkeun, who was inaugurated as the first Minister of the Ministry of Planning and Budget, stated, "I will become a minister who designs a new future for the Republic of Korea and pioneers its destiny."

Minister Park pledged, "I will swiftly draw up a supplementary budget to ease the pain caused by high oil prices," while also promising, "Not a single won of tax revenue will be wasted."

Yonhap News

Minister Park held his inauguration ceremony via live broadcast on YouTube that afternoon. As President Lee instructed him to "draw up the supplementary budget as quickly as possible, even if it means working through the night," he decided to replace the in-person gathering of busy staff with an online broadcast.

In his inaugural address, Minister Park said, "Our economy and society are facing fierce challenges," identifying the grand transformation driven by artificial intelligence (AI), changes in demographic structure, the climate crisis, polarization, and the extinction of local communities as structural and complex crises.

Minister Park emphasized, "The true raison d'être of the Ministry of Planning and Budget is to serve as a control tower," adding, "I will dedicate all the capabilities I have built up in the legislature to ensuring the success of the Lee Jaemyung administration and a great leap forward for Korea."

As the new minister, he made three pledges: to design the nation's future strategy, establish a foundation for sustainable proactive fiscal policy, and drive tangible changes in the lives of the people.

Minister Park pledged to carry out expenditure restructuring without any areas being off-limits, even amid proactive fiscal policy. He stated, "While I will thoroughly manage the budget to prevent the waste of even a single won of taxpayers' money, I will not hesitate to act when it comes to protecting people's lives and opening doors to the future."

He also unveiled a plan for a swift supplementary budget. Minister Park said, "I will draw up and submit the supplementary budget to the National Assembly as quickly as possible so that the burden felt by ordinary citizens suffering from high oil prices can be alleviated, even a single day sooner."

He also sought to boost the morale of Ministry of Planning and Budget staff, who had experienced a leadership vacuum for over 80 days since its establishment. Minister Park stated, "I will ensure that being a member of the Ministry of Planning and Budget becomes a source of pride as a national architect."

Meanwhile, after the inauguration ceremony, Minister Park moved to the Fiscal Information Service in Jung-gu, Seoul, to begin his work. In the afternoon, he will move to the Ministry's office at the Government Sejong Complex to meet the staff for the first time.

Upon taking office, Minister Park immediately began overseeing the supplementary budget, known as the 'war-time supplementary budget.' The ruling and opposition parties have agreed to a supplementary budget totaling 25 trillion won.

During his confirmation hearing, Minister Park stated that the supplementary budget would include funding for securing items to stabilize the energy supply chain, diversifying oil stockpiling routes, and supporting youth employment and job creation.

He added, "Due to the recent external shock of escalating uncertainty in the Middle East, there is growing concern that the fragile economic recovery may be undermined," and continued, "I will quickly draw up and submit the supplementary budget to the National Assembly to minimize the impact on people's livelihoods, the economy, and industry."

This content was produced with the assistance of AI translation services.