South Korean lawmaker challenges 162 trillion won Future Response Fund

National Assembly member Park Soo-young has called for the total withdrawal of the proposed 162 trillion won Future Response Fund, alleging that the government bypassed critical fiscal safeguards and ignored warnings from the Ministry of Economy and Finance (MOEF).

During a press conference, Park claimed that the Ministry of Planning and Budget ignored 10 specific requests from the MOEF to amend or delete clauses in the proposed legislation. A primary point of contention involves the fund's ability to deposit or receive surplus funds directly from other accounts, bypassing the Public Capital Management Fund. Park argued this move undermines the existing fiscal management system.

Further allegations include procedural irregularities, such as a legislative notice period of only four days instead of the standard 40. Critics also expressed concerns regarding the fund's sustainability, noting that while the government projects significant tax revenue, estimates suggest a sharp decline in available resources after 2027. Lawmakers warned that relying on volatile semiconductor-driven tax cycles could eventually shift the financial burden to national debt.