Presiding Over the Second Emergency Economic Task Force
"Inflation Is Causing Great Pain for the People"
Discussion on Supplementary Budget Size and Future Implementation Schedule
On June 9, President Lee Jaemyung presided over the second Emergency Economic Task Force (TF) meeting at the Yongsan Presidential Office since taking office, discussing key issues such as the supplementary budget and inflation. This meeting came five days after he led the first session for two hours and twenty minutes on his inauguration day, June 4.
Before the supplementary budget discussion, President Lee made opening remarks, stating, "I hear that prices have gone up tremendously. Is it true that a single pack of ramen now costs 2,000 won?" In response to President Lee's concern about inflation, First Vice Minister of Economy and Finance Kim Beomseok answered, "Due to political uncertainty, there has been a significant increase in the prices of processed foods, such as beer and ramen, which we had previously tried to keep under control."
Vice Minister Kim further explained, "We are particularly concerned about eggs and chicken. In particular, a large amount of boneless chicken is imported from Brazil. There has been an outbreak of highly pathogenic avian influenza there, and although there is a time lag of a month or two, if we do not respond properly, there is a risk of a sharp increase in prices."
President Lee responded, "The issue of inflation is causing tremendous pain for our people. I would like you to review the current situation and possible countermeasures, and report back even before the next meeting if possible."
During the meeting, discussions were held on the size of the supplementary budget and the future implementation schedule, based on the plan submitted by the TF. President Lee stated, "Every hour we spend is worth 52 million hours. That shows how significant our impact is," and added, "We will discuss the supplementary budget and review the prepared proposals in order."
The meeting was attended by newly appointed members of the presidential office's 'economic team,' including Minister of Science and ICT Yoo Sangim, Minister of Trade, Industry and Energy Ahn Deokgeun, Minister of Land, Infrastructure and Transport Park Sangwoo, Minister of SMEs and Startups Oh Youngju, Chairman of the Financial Services Commission Kim Byunghwan, First Vice Minister of Economy and Finance Kim Beomseok, Vice Minister of the Interior and Safety Ko Kidong, and Director General for Budget at the Ministry of Economy and Finance Yoo Byungseo. Presidential aides present included Chief of Policy Kim Yongbeom, Senior Secretary for Economic Growth Ha Junkyung, and Secretary for Fiscal Planning Ryu Deokhyun.
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