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yesterday

Lee Jae-Myung Advances ‘Fair Growth’ with 30.5 Trillion-Won Supplementary Budget

The government is rolling out universal vouchers with targeted debt relief designed to kick-start spending.

President Lee Jae Myung (C) is applauded by lawmakers of the ruling Democratic Party as he enters a plenary session at the National Assembly in Seoul on June 26, 2025, to deliver a policy speech about a government-proposed extra budget of 20.2 trillion won (US$14.7 billion) aimed at revitalizing domestic consumption and bolstering the economy, including the distribution of cash handouts to all citizens. (Pool photo) (Yonhap)
President Lee Jae Myung (at podium) delivers a policy speech during a plenary session at the National Assembly in Seoul on June 26, 2025, about a government-proposed extra budget of 20.2 trillion won (US$14.7 billion) aimed at revitalizing domestic consumption and bolstering the economy, including the distribution of cash handouts to all citizens. (Yonhap)
President Lee Jae Myung delivers his first budget speech at the National Assembly in Seoul on June 26, 2025. (Yonhap)
South Korea's President Lee Jae Myung calls on parliament to approve a $22.5 billion supplementary budget aimed at reviving the economy

Overview

  • In his first policy address on June 26, Lee Jae-myung set ‘fair growth’ as the blueprint for restoring South Korea’s stalling economy.
  • Lawmakers approved a second supplementary budget of 30.5 trillion won that introduces universal consumption vouchers and small-business debt relief.
  • The package builds on an earlier 30 trillion-won emergency stimulus and targets weak consumer demand amid a downgraded growth outlook.
  • Lee’s administration finalized key cabinet posts including the first civilian defense minister in six decades and is pursuing closer ties with the United States and Japan.
  • Ongoing judicial reforms include fresh investigations into the 2022 Itaewon crowd crush as part of efforts to reduce inequality and strengthen public trust.