Seoul: Budget Minister Park Hong-keun on Wednesday called for a "true control tower" to oversee fiscal policy and create value for the entire country amid growing challenges. Park, a four-term lawmaker from the ruling Democratic Party (DP), made the remarks during his inauguration as the first minister of the newly established Ministry of Planning and Budget.

According to Yonhap News Agency, Park emphasized the necessity of a strategic oversight mechanism in times of crisis to proactively manage resources and foster nationwide value creation. He noted that South Korea is grappling with complex structural challenges, including demographic shifts, climate crisis, widening inequality, and regional decline.

Park further elaborated that fiscal policy should not only act as the "last safeguard" for the livelihoods of the people but also serve as a catalyst for recovery and growth. Emphasizing the urgency of the situation, he remarked, "As the pain facing the public deepens, we must act swiftly without hesitation."

To address the economic strain on households due to rising oil prices, exacerbated by the prolonged conflict in the Middle East, Park announced that the government would promptly formulate a supplementary budget and present it to the National Assembly. The Democratic Party aims to pass the budget in a plenary session next month, following directives from President Lee Jae Myung to swiftly devise measures to mitigate the economic impact.