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19h ago

Lee Jae-myung Pushes 30.5 Trillion Won Stimulus Budget in First Policy Speech

He called for swift parliamentary approval under his Democratic Party’s majority to kickstart economic recovery.

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

  • President Lee said stalled growth and US trade tariffs have pushed the economy into a crisis that requires fiscal stimulus rather than austerity.
  • The 30.5 trillion won proposal includes 13 trillion won in universal consumption coupons worth 150,000 to 520,000 won per citizen to boost spending.
  • It also allocates 3.9 trillion won to infrastructure, artificial intelligence, renewable energy and startup projects to foster innovation and investment.
  • The budget dedicates 5 trillion won to erase debts and bolster job security for about 1.1 million low-income borrowers.
  • With the Democratic Party holding a legislative majority, Lee urged bipartisan approval to implement the measures and pursue dialogue with North Korea.