Lee briefed on U.S. trade, other economic issues in economy-focused task force meeting

President Lee Jae-myung on Wednesday convened an emergency government task force meeting to address economic challenges following his inauguration earlier in the day, according to his spokesperson.

Kang Yu-jung, spokesperson of the presidential office, said the vice minister-level meeting was attended by officials from the finance, industry, land and SMEs ministries, as well as state-run think tanks. Lee was briefed on pending issues, including South Korea’s ongoing trade negotiations with the United States.

According to Kang, Lee asked the participants detailed questions regarding the government’s fiscal capacity for a supplementary budget and the immediate economic stimulus effects it would generate. He also called for active measures to boost the economy and livelihoods, along with thorough risk management.

Earlier, Lee had ordered Deputy Prime Minister Lee Ju-ho to create the task force of economy-related authorities and working-level officials in his first executive order as president.

Lee’s decision to form the task force is in line with a central economic policy pledge from his campaign.

During a campaign rally last week, Lee said revitalizing the nation’s sluggish economy and improving people’s livelihoods would be his top priority if elected.

He also vowed to introduce an additional budget of at least 30 trillion won (US$21.77 billion), raising speculation that the task force will focus on drafting the extra budget.

In an MBC radio interview, Lee Han-jo, head of the Democratic Research Institute who is expected to lead the presidential policy office under Lee, said a significant portion of the extra budget for improving livelihoods will likely be allocated for the issuance of regional prepaid voucher programs designed to help small merchants.

Lee also ordered a separate working-level meeting on public safety, involving officials from local governments as well, to be held early Thursday.