"No Plans for Additional Support Yet"
"Livelihood Recovery Payments Will Have Greater Impact Than Generally Assessed"
President Lee Jaemyung has stated that there are no additional plans to pursue a supplementary budget.
During a press conference marking his first month in office, held at the Blue House State Guest House on July 3, President Lee responded to a question about whether he would consider providing another round of livelihood recovery support payments if necessary. He said, "Things in the world don't always go according to plan. As for whether we will do it again, we will have to see when the time comes." He added, "For now, the fiscal situation does not allow us to take further action easily."
President Lee went on to say, "The economy is heavily influenced by sentiment, and it is said that the number of people who believe the economy will improve next year is the highest in eight years." He continued, "If we provide a bit of a priming effect, a virtuous cycle may begin. I also believe that preventing a situation where we are forced to take such measures is one of the responsibilities of our administration."
Regarding the effectiveness of the livelihood recovery support payments, he said, "The local neighborhood economy is in very poor condition. To use a reservoir as an analogy, the deeper parts can withstand some drought, but the shallow areas suffer too much damage and may become irrecoverable."
He added, "From that perspective, we made our decision after considering the current fiscal situation and debt levels. I believe the effect will be greater than what is generally assessed."
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