President Lee delivers 1st policy speech at National Assembly: ‘Timing is everything in the economy’

President Lee Jae-myung (below) delivers his first policy speech since taking office during a plenary session at the National Assembly on June 26, outlining the government’s second supplementary budget proposal. / Reporter Park Min-kyu

President Lee Jae-myung, in his first policy speech at the National Assembly on June 26, emphasized the urgency of economic recovery and called for bipartisan cooperation on the government’s second supplementary budget proposal. “When it comes to saving the economy and people’s livelihoods, there can be no division between the ruling and opposition parties,” he said, urging lawmakers’ support. Returning to the National Assembly just 22 days after taking office with an oath at the Rotunda Hall, Lee delivered his first official address as president.

“In economics, timing is everything, and now is the time,” Lee said during the plenary session, highlighting the importance of swift action.

The government’s proposed supplementary budget totals 30.5 trillion won. Key components include distributing “consumption coupons” worth 150,000 to 520,000 won per person depending on income levels, and purchasing and writing off distressed debts held by financially vulnerable borrowers.

The government’s proposed supplementary budget totals 30.5 trillion won. Key components include distributing consumption coupons worth 150,000 to 520,000 won per person depending on income levels, and purchasing and writing off distressed debts held by financially vulnerable borrowers.

Throughout the speech, Lee stressed the severity of the economic crisis and the urgency of passing the supplementary budget. “It is crucial to breathe life into the economy, especially the domestic market, through the rapid formulation and prompt execution of this supplementary budget,” he said. “I urge the National Assembly to actively cooperate so that we do not miss the critical period for economic recovery.”

He described the supplementary budget as a “priming pump to relieve the economic drought” and “a minimum necessary measure to revive the economy.”

Lee criticized a passive or overly austere approach, saying, “For the government to remain idle in the face of an economic crisis, clinging to austerity alone, would be irresponsible negligence. It would be a denial of its very reason for existence.” He continued, “We need a government that protects people’s lives and responds to crises with pragmatism, not ideology or slogans, but through actions that revive the economy and safeguard livelihoods. That is the path this new administration must take.”

Lee outlined four key components of the supplementary budget, which are stimulus measures to boost consumer spending, investment promotion measures to energize the economy, programs to stabilize people’s livelihood, and revenue adjustments. Regarding the inclusion of revenue revisions in the budget, he said, “This new government is committed to transparent and responsible fiscal policy, not irregular or expedient practices.”

Reiterating his appeal for parliamentary cooperation, Lee concluded, “Guided solely by a spirit of pragmatism, we will do everything we can to improve people’s lives and open a new path to economic recovery and growth.”

※This article has undergone review by a professional translator after being translated by an AI translation tool.

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