GNP Leader Calls for End to Bureaucratic Financing

Rep. Lee Hoi-chang, president of the main opposition Grand National Party, asserted Thursday that the nation is faced with a grave situation in which the current financial and credit crisis would develop into an overall economic crisis. He called for the timely injection of public funds and the implementation of the strong restructuring of insolvent corporations and financial institutions.

^^In his keynote speech at the National Assembly plenary session, the GNP leader stressed that the government should adopt the most realistic policy measures for the future of the national economy. He also noted that we should keep in mind the principle that there is no "free meal" as far the economy is concerned, even though the nation will have to take pain for some time.

^^Rep. Lee said that his party will consent to the creation of a necessary public fund but that the government must submit annually to the National Assembly a "public fund white paper" connoting the usage of the public fund in the past and its future blueprint. He also disclosed his party policy to conduct parliamentary audit and inspection of the government`s public fund management.

^^In order to exterminate the government interference with the financial sector, the opposition leader underlined a need for enacting a special law for the "liquidation of the bureaucratic financial administration." At the same time, he called for the following measures: the civil and criminal punishment against the managers of the insolvent enterprises; the sellout of the trust investment firms through public biddings; and the postponement of the deposit ceiling system to be implemented starting 2001.

^^With regard to the inter-Korean problems, Rep. Lee asserted that funds needed for financial assistance to the North must be provided through transparent and legitimate procedures. This necessitates the legislation of a special law for North Korean assistance act.

^^Lee continued to assert that, with a view to carrying out follow-up steps for the inter-Korean summit, he proposed that the National Assembly set up an ad hoc body, tentatively called the "inter-Korean relation special committee¡±.

^^In order to ensure peace on the Korean peninsula, the opposition leader contends that ways should be explored to promote a six-nation security conference with the participation of the two Koreas, the United States, China, Japan and Russia, in parallel with the inter-Korean dialogue. In regards to the North Korean aid, he emphasized a need for the establishment of the "Northeast Asian Development Bank."

Insoo Song issong@donga.com