President Lee urges swift passage of 'war supplementary budget', calls for cooperation from the National Assembly

[The Financial News] President Lee Jae-myung said on the 17th, "I ask that you swiftly draw up a 'war supplementary budget' to support vulnerable groups and export companies, among others."
President Lee made these remarks at a morning meeting of the State Council of South Korea held at Government Complex Sejong, saying, "As the situation in the Middle East continues to deteriorate, the lives of vulnerable groups and ordinary citizens are becoming even more difficult."
President Lee noted, "When a crisis occurs, there are always groups that benefit from it, and there are also cases where people exploit the crisis to gain unfair profits. But for most of our citizens, it means facing even greater hardship," as he pressed for the rapid formulation of the extra budget.
He went on, "This morning I saw that Jung Cheong-rae, the party leader, said the budget review would proceed at an unprecedented speed. I ask the National Assembly of the Republic of Korea to conduct its deliberations as quickly as possible and to make every effort from all angles so that the war budget, the war supplementary budget, can be executed without delay."
President Lee said, "These are difficult times, but we have more than enough capacity to turn crisis into opportunity," adding, "The government will respond preemptively and nimbly, mobilizing every available tool, so that our people's lives are not shaken under any circumstances."
He continued, "I ask you to trust the government and do your best in your daily lives. The stronger the external headwinds, the faster we must move toward a great national transformation," and stressed, "What is especially important is to boldly shift from an era of growth concentrated in the Seoul metropolitan area to one in which the regions lead growth. I ask the relevant ministries to overhaul all policy instruments—fiscal, tax, financial systems, and regulatory frameworks—so they are aligned with region-led, balanced growth."
In particular, President Lee said, "In the end, it seems we will not be able to avoid implementing income support policies. If we do a supplementary budget this time, I ask that it be designed so that we can implement it far more extensively in the regions, in a truly groundbreaking way," urging officials to "fundamentally change their way of thinking."
cjk@fnnews.com Choi Jong-geun Reporter