Lee calls for measures to curb inflation, orders supplementary budget in speedy manner

South Korea's new president Lee Jae-myung kicked off his first full week in office by addressing inflation, and stressing the urgent need for an extra budget to revive the local economy.

Our top office correspondent Yoon Jung-min has this report.

Noting higher prices cause too much pain to the people, this is how President Lee Jae-myung began the second emergency economic task force meeting:

"I heard that prices have gone up sharply recently. Is it true that ramyeon costs 2,000 won each?"

The President urged his team to seek out measures to tamp down inflation before they meet again next time.

Present at Monday's meeting in Yongsan were newly appointed aides, including Chief of Policy Kim Yong-beom and Senior Secretary for Economic Growth Ha Joon-kyung as well as relevant government officials.

"I hope you regard an hour we spend as worth 52-million hours. The impact is that great."

The agenda behind closed doors outlined an additional supplementary budget, signaling a shift towards an expansionary fiscal approach at a time when the country is facing a low growth rate for this year, expected to hover around 1-percent, as well as sluggish demand at home.

"The President ordered an extra budget to be organized in a speedy manner to revive the economy and boost consumption. Secondly, he urged for priority to be given to the vulnerable and small business owners for support."

The National Assembly passed a 13-point-8 trillion-won extra budget bill in May, worth some 10-billion U.S. dollars, and the second batch is expected to be at least 20-trillion won.

Details, including the size of the extra budget, have not been disclosed.

The newly inaugurated South Korean leader ordered the launch of the emergency economic task force as his first executive order, as soon as he took office last week.

Yoon Jung-min, Arirang News.