Seoul: President Lee Jae-myung has directed his aides to swiftly prepare an additional budget aimed at supporting economic recovery and boosting private consumption, as announced by the presidential office. This directive was issued during the second meeting of the emergency economy task force, which included presidential aides and government officials.
According to Yonhap News Agency, Lee emphasized the need for a prompt preparation of a supplementary budget to revitalize the economy and stimulate domestic consumption. Presidential spokesperson Kang Yu-jung communicated Lee's instructions to reporters, highlighting the importance of identifying key projects for the budget. Lee also urged relevant ministries to work collaboratively to achieve tangible results, focusing on support for vulnerable groups and small merchants.
The specifics of the additional government spending, including its magnitude and particular programs, will be determined after further discussions, a senior presidential official indicated. During his campaign, President Lee had committed to introducing a supplementary budget of at least 30 trillion won (approximately US$22.1 billion) to invigorate the sluggish economy.
Industry experts predict that the forthcoming budget will be no less than 20 trillion won, considering that the National Assembly approved a supplementary budget bill of 13.8 trillion won last month.