Finance Minister Hong Nam-ki has called for the swift passage of a supplementary budget plan submitted to the National Assembly late last month in order to mitigate downside risks to the economy. 

During a meeting with the heads of economy-related ministries on Wednesday, Hong said that global economic conditions are worsening more than expected, increasing downside risks for the Korean economy.

The finance minister said timing and speed are crucial factors of the extra budget, calling for a swift parliamentary passage of the six-point-seven trillion won bill as well as others closely related to the everyday life of the people.

Hong strongly urged the Assembly to pass the budget bill by month’s end, citing the need to proactively deal with worsening economic conditions.