President Lee Jae-myung on the 12th ordered officials to "consider providing tiered support through local currency rather than cash payments" regarding economic relief measures amid the Middle East crisis.
Presiding over a senior secretaries and aides meeting at Cheong Wa Dae, President Lee said, "The more difficult the economy becomes, the greater the shock felt by vulnerable groups."
He added, "We must mobilize all available policy tools from multiple angles and execute them swiftly and precisely," presenting measures including freezing public utility rates in the first half of the year, expanding discount support for agricultural, livestock and fishery products, and providing fuel subsidies.
President Lee particularly emphasized, "Across-the-board tax cuts like fuel tax reductions may not have a significant tangible effect." He stressed, "Clearly identifying support recipients by income bracket and providing tiered assistance can enhance the efficiency of fiscal execution."
He also noted, "Even when providing direct support, distributing it through local currency rather than cash can produce a dual effect by driving sales for small business owners and local commercial districts."
President Lee also urged officials to accelerate the supplementary budget bill. He requested, "Convention says it typically takes one or two months, but please prepare as quickly as possible, even if it means working through the night."
