President Lee Orders Freeze on Public Utility Rates and Acceleration of Fuel Subsidies in First Half

President Lee Presides Over Senior Secretary Meeting on the 12th
"It's Not the Time to Weigh Options... Mobilize Every Means Available"

On March 12, President Lee Jae-myung ordered a freeze on public utility rates for the first half of the year and the provision of fuel subsidies in response to the crisis originating from the Middle East. He also instructed that the process of drawing up a supplementary budget should be expedited.

Presiding over a senior secretary meeting at the Blue House that afternoon, President Lee stated, "As the situation in the Middle East persists, instability in the global energy supply is deepening," explaining the reasons for his directives.

President Lee Jae-myung is speaking at the senior secretary meeting held at the Blue House on the 12th. Photo by Yonhap News

President Lee emphasized, "Now is not the time to weigh various considerations. We must not waste the golden window to mitigate the shock to the people's livelihoods and the economy. We need to mobilize every policy tool available from multiple angles and focus our efforts on implementing them swiftly and precisely."

He further ordered that the freeze on public utility rates for the first half, the expansion of discount support for agricultural, livestock, and fisheries products, the reduction of fuel taxes, and the acceleration of fuel subsidy support for freight vehicles, public transportation, and those in the agriculture and fisheries sectors be carried out rapidly.

President Lee also said, "During a crisis, it is essential to inject fiscal resources swiftly to ensure that the recovery of the people's economy does not fall behind. In the end, we cannot avoid formulating a supplementary budget, and I ask that this process also be completed as quickly as possible."

Additionally, President Lee noted, "It seems customary for supplementary budget formulation to take a month or two once the decision is made," and urged, "Even if it is difficult, work through the night to complete it as rapidly as possible."

This content was produced with the assistance of AI translation services.