Gov’t and ruling party agree to tackle inflation, swiftly implement supplementary budget

Also on the political front.

Prime Minister Kim Min-seok hosted a meeting between government officials and ruling party lawmakers at his residence this past weekend to address rising consumer prices and the timing of the recently approved supplementary budget.

Our political correspondent Shin Ha-young covers this meeting.

As consumer prices in South Korea rose 2-point-2 percent on-year in June the fastest increase in five months the government and ruling Democratic Party agreed to review measures to stabilize prices, including efforts to minimize processed food price hikes.

This came during the first high-level consultation meeting between government officials and the ruling party under the Lee Jae Myung administration.

At the meeting, held on Sunday at Prime Minister Kim Min-seok's residence, Kim urged the government and the DP to work as one and do their best to serve the country and its people.

"The high-level consultation between the government and the ruling party will function as a platform to coordinate key policy tasks and produce tangible outcomes under the President's leadership."

The DP called on the government to quickly implement the supplementary budget for economic recovery.

The Cabinet on Saturday approved an extra budget bill worth 31-point-8 trillion Korean won or around 23-point-3 billion U.S. dollars.

"To help boost spending and support incomes, consumption vouchers should be rolled out before the peak summer vacation season. We once again request swift implementation of the extra budget."

In response, the government said it plans to execute 85 percent of the budget by the end of September and work with related ministries to closely monitor its impact.

Meanwhile, safety measures for potential disasters during the summer season were also part of discussions.

The government promised to take thorough steps to prepare for natural disasters like floods and storms, and both sides agreed to strengthen their response to heat waves.

They also agreed to communicate more closely and hold regular high-level consultation meetings.

Shin Ha-young, Arirang News.