Hong Ik-pyo, the Senior Presidential Secretary for Political Affairs at Cheong Wa Dae, said on the 5th that if the Middle East conflict continues, “there might be a cautious view that additional supplementary budgets beyond this one could be required in the second half of the year.” Speaking during an appearance on MBN’s *Current Affairs Special: Jung Woon-gap’s In-depth Analysis*, Hong noted, “The Middle East conflict could last for several months, and even if it ends, restoring supply chains, including crude oil, would take at least three to four months,” as mentioned earlier.
He mentioned that both local and global economic organizations have recently decreased their annual economic growth projections for South Korea by about 0.4 percentage points because of the conflict in the Middle East. Although the government has implemented actions such as lowering fuel taxes, oil prices are still hovering around the mid-1,900 Korean won level. The additional budget is necessary, and there could be a requirement for further budgets in the future, he stated.
Hong stated, “The latest economic downturn in South Korea is due to external factors,” and added, “Even following the government’s quick implementation of price controls and cut in fuel taxes, oil prices remain around the middle of the 1,900 Korean won range. Without these swift actions, prices would have already gone beyond 2,200 Korean won. Taking this into account, the additional budget is necessary.”
In response to worries about reduced tax income, he mentioned, “Even using cautious projections, this amount of additional funding can be handled without needing to issue government bonds, and tax revenue is anticipated to be somewhat greater than originally forecast.” He further noted, “Considering the present developments, the government can manage this situation within acceptable boundaries.”
Regarding the instability in naptha supply and worries over municipal waste bag stock levels, he stated, “There will be no significant issues for at least the next three months.”
Concerning U.S. President Donald Trump’s efforts to urge allies, such as South Korea, to send troops, Hong said, “Deploying military forces directly to the Middle East conflict necessitates substantial domestic agreement.” He further noted, “We are still cautious, and the U.S. has not officially asked South Korea to send troops.”
He stated, “Every nation faces diplomatic challenges when it comes to sending troops or providing military assistance, as the conflict did not arise from diplomatic collaboration or strong coordination.” He mentioned, “Because China and Russia oppose any decisions at the UN Security Council, it is challenging to arrive at a resolution,” and continued, “In this situation, there are considerable legal restrictions on our support.”
Regarding the potential for shifts in inter-Korean relations, Hong stated, “There are no anticipated changes in the short term,” and added, “North Korea’s position is inflexible, so we need to be patient, but steady North Korea policies will ultimately lead to significant outcomes.”
In discussions about constitutional reforms within the political arena, he remarked, “As the People Power Party has consistently suggested adding the May 18, 1980 Gwangju Democratic Uprising to the preamble during elections, there could be a possibility of reaching an agreement this time.” Nevertheless, regarding possible changes to power structures or voting systems, he noted, “The Blue House has not yet decided on its position regarding these matters,” and highlighted, “The National Assembly should take the initiative in conducting thorough discussions to achieve a consensus first.”
He stated, “The President agrees with this perspective: the 1987 Constitution, which is more than 40 years old, needs to be updated to align with present circumstances and to look ahead. Amending the constitution should not seem too intimidating. It’s important to establish flexibility for incremental changes when required, and even partial updates during the June local elections would be a significant step.”
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