President Lee Jae-myung Calls for Bipartisan Cooperation on Next Year's Budget

▲ President Lee Jae-myung speaks during a cabinet meeting held at the Blue House on the 1st.

President Lee Jae-myung stated, "I expect grand and cooperative efforts from the political sphere so that next year's budget can serve as one that gives all citizens hope that tomorrow will be better than today."

Ahead of the review of next year's budget during the 38th cabinet meeting chaired at the Blue House today (the 1st), President Lee said, "Right now, we stand at a crossroads between the entrenchment of low growth and a rebound in potential growth rates. A productive, virtuous-cycle fiscal strategy is essential to expand the size of the economy, upgrade industrial capabilities, and thereby re-expand fiscal capacity."

He added, "Amid drastic shifts in the international order, next year's budget must act as a solid stepping stone that propels South Korea into a hyper-gap leading nation. Furthermore, the current rise in interest rates is unavoidable. To minimize the pain caused by rising interest rates, fiscal policy must play a sophisticated and well-distributed role."

He also instructed, "If the National Assembly broadly gathers public opinions during the budget review process to supplement necessary areas, the government should actively respect that."

Regarding the regular session of the National Assembly kicking off today, he urged, "The National Assembly, as the hall of public will, must become a useful tool for the government and sovereigns to realize a better life for the people and a greater leap forward for South Korea. To this end, both the ruling and opposition parties should transcend minor differences and exercise bipartisan wisdom of win-win cooperation and compromise."

President Lee also instructed the government, saying, "We must acknowledge that the government's proposal is not always right nor can it be perfect. Each ministry should grandly review the National Assembly's points and alternatives, and faithfully reflect reasonable points and proposals in legislation and budgets."

During his remarks at the cabinet meeting, President Lee also emphasized the importance of price management.

He pointed out, "Although projections that our economy will grow by more than 3 percent this year due to explosive export growth are becoming a reality, the livelihood field remains difficult despite the favorable trends in major indicators. Above all, living costs are unstable. Recently, grocery prices such as meat and vegetables have risen significantly, placing a considerable price burden on the citizens."

In particular, he emphasized, "Moreover, Chuseok comes earlier this year than usual. With severe damage to crops and livestock caused by abnormal weather overlapping with an early Chuseok, there is a high possibility that price instability will spread, centering on holiday-season items. We must establish preemptive and meticulous support measures."

President Lee instructed, "To substantially alleviate the burden of grocery prices, actively pursue measures such as discounts on agricultural, livestock, and marine products, and the expansion of stockpiled goods supply. In particular, make special efforts to prevent 'sneaky price hikes' where prices are unfairly raised despite the burden of raw material imports easing due to recent exchange rate stabilization."

(Photo: Yonhap News)

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