Lee orders swift preparation of extra budget for economic recovery

President Lee Jae-myung on Monday instructed his aides to swiftly prepare an extra budget to support the economic recovery and spur private consumption, the presidential office said.

Lee made the call during the second meeting of the emergency economy task force with presidential aides and government officials.

“He instructed (the government) to prepare a supplementary budget at a speedy pace to help revitalize the economy and spur domestic consumption,” presidential spokesperson Kang Yu-jung told reporters.

He urged the relevant ministries to identify key projects for the supplementary budget and closely cooperate to ensure tangible results, prioritizing support for vulnerable groups and small merchants.

Details of the additional government spending, including its size and specific programs, will be finalized following further discussions, a senior presidential official said.

During his campaign, Lee pledged to introduce a supplementary budget of at least 30 trillion won (US$22.1 billion) to help revitalize the sluggish economy.

Industry observers speculate that the upcoming budget will amount to at least 20 trillion won, given that the National Assembly already approved a 13.8 trillion-won supplementary budget bill last month.