Presides Over Cabinet Meeting Immediately After Returning from G7
Supplementary Budget of 30.5 Trillion Won Finalized... Focus on Livelihood and Consumption with Consumption Coupons
Urges Policy Decisions Centered on Recipients
Luncheon with Ruling and Opposition Party Leaders on June 22
President Lee Jaemyung is accelerating efforts to address livelihood and economic issues immediately after returning from the Group of Seven (G7) summit. Even before the atmosphere of the G7 summit in Kananaskis, Canada, had fully dissipated, President Lee quickly shifted the focus of state affairs to restoring livelihoods and revitalizing the economy, and is expediting efforts to strengthen communication with both the ruling and opposition parties.
On June 19, the day of his return, President Lee personally presided over the 26th Cabinet meeting at the presidential office in Yongsan and finalized an additional supplementary budget (extra budget) totaling 30.5 trillion won, which was prepared to respond to the economic downturn. The scale of this supplementary budget consists of 20.2 trillion won in direct government spending and 10.3 trillion won secured through a downward revision of the tax revenue target due to concerns over insufficient tax revenue, a process known as "tax revenue adjustment."
The core of this supplementary budget is the recovery of livelihoods and the stimulation of consumption. Using a mixed approach of "universal and selective" distribution, which varies the amount according to income, a four-person household will receive 1 million won within this year. More than half of the direct fiscal input, totaling 13.2 trillion won, has been allocated for the distribution of consumption coupons to all citizens. These consumption coupons will be provided not in cash but in the form of local gift certificates, prepaid cards, or credit/debit cards. During the Cabinet meeting, President Lee emphasized, "It seems that the suffering experienced by our ordinary citizens is extremely severe," and stated, "Now is the time for the government to use its fiscal resources."
President Lee: "Make policy decisions centered on policy recipients"
President Lee also stressed the need for a transformation in administrative culture. He called on Cabinet members to make policy decisions from the perspective of recipients, not providers. President Lee said, "The essential content of a product is important, but how it is packaged and how the story is presented can create completely different outcomes," emphasizing the importance of the process.
During the Cabinet meeting, an amendment to the Enforcement Decree of the Special Act on Support for Science and Engineering was passed, confirming support for the entire cycle from elementary and secondary students to postdoctoral researchers and senior science and technology professionals. Ha Jungwoo, Chief of AI Future Planning, stated in a briefing after the Cabinet meeting, "Cutting-edge science and technology are the true foundation for a Korea that leads the world," and pledged to accelerate the establishment of policies for a science and technology innovation ecosystem, including expanding stable R&D budgets and preparing long-term research support programs.
"Move up the meeting with ruling and opposition parties" - Luncheon with party leaders on June 22
President Lee has decided to invite ruling and opposition party leaders, including Kim Byungki, acting leader of the Democratic Party, Kim Yongtae, interim leader of the People Power Party, and Song Eonseok, floor leader, to a luncheon meeting on June 22. This comes 18 days after his inauguration.
An official from the presidential office said, "Advisors suggested that it would be appropriate to hold a meeting with the ruling and opposition party leaders in early July," adding, "The president himself instructed that the timing be moved up, believing that dialogue between the parties is desirable, so the meeting will be held earlier." It is highly likely that President Lee will request cooperation from the National Assembly for the passage of the supplementary budget. Woo Sangho, Chief of Political Affairs, said in a briefing, "We plan to explain various matters related to the G7 summit in detail," and added, "The president has said he will have an open and candid conversation without any set agenda."
Meanwhile, during the Moon Jaein administration, a luncheon meeting with the floor leaders of the five parties took place nine days after his inauguration. Under the Yoon Sukyeol administration, following a crushing defeat for the People Power Party in the general election, a tea meeting was only held in April 2024, nearly two years after his inauguration.
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