President Lee: "Speed Is Key for Wartime Supplementary Budget... Real Estate Policy Must Leave No Room for Loopholes"

President Lee: "The Sooner the Extra Budget, the Greater the Effect"
Deputy Prime Minister Koo Yooncheol: "Rapid Formulation and Submission by Month-End"
Support for Fuel Costs, Export Companies, and Public Transportation through the Extra Budget

President Lee Jae-myung emphasized on the 24th that speed is crucial for the formulation of a “wartime supplementary budget” in response to high oil prices and supply chain instability caused by unrest in the Middle East. He also reiterated the issue of “nation-destroying real estate speculation,” directing the government to establish thorough measures to curb speculation and to strictly enforce laws against market-disrupting acts such as manipulating housing prices.

At the 11th Cabinet meeting held at the Blue House that day, President Lee mentioned the instability in crude oil and natural gas supply as well as supply chain shocks caused by the recent escalation and prolongation of war in the Middle East. He stated that emergency measures at the government level should be activated preemptively. President Lee said, “Please comprehensively and meticulously review all items that could face supply concerns in preparation for any major crisis that may affect people’s livelihoods, the economy, or industry. Also, thoroughly assess the impact on daily life and secure alternative supply channels, formulating contingency plans that assume even the worst-case scenarios.”

President Lee Jae-myung is speaking at the Cabinet meeting held at the Blue House on the 24th. March 24, 2026. Photo by Yonhap News

In addition, President Lee stressed, “With the impact of the Middle East war growing, the faster the supplementary budget is formulated and executed, the more effective it will be,” calling for swift action. He explained, “Rather than setting the overall size in advance and forcibly making projects fit, the supplementary budget should be structured at an appropriate level that reflects actual needs on the ground. Right now, it is more important to deploy financial resources swiftly and effectively to difficult and necessary areas, rather than focusing on fiscal austerity.”

In response, Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol reported, “We will swiftly prepare the wartime supplementary budget and submit it to the National Assembly by the end of this month. The main items include reducing fuel costs, stabilizing people’s livelihoods, and supporting export companies.” He added, “In particular, we will ensure that direct support and differentiated assistance are provided meticulously to ordinary citizens, small business owners, farmers and fishermen, youth, and local communities.”

Plans to expand support for public transportation are also set to be included in the supplementary budget. President Lee noted, “It seems we are considering increasing public transportation use through the supplementary budget,” and instructed, “Since congestion is highest during commuting hours, please study measures such as limiting free rides for the elderly during these times.”

He also emphasized the need for direct support through local currency. President Lee pointed out, “It is not a bad thing that some support comes as tax cuts and some as direct fiscal spending. This is the tax paid by the people. It's not a handout, it's not someone else’s money—it is being returned.” Regarding the use of local currency as a support tool, he argued, “When money is spent at neighborhood businesses by small merchants, the benefits circulate quickly.”

Lee: "If real estate speculation is left unchecked, the country will collapse... All possibilities for abuse must be completely eliminated"

President Lee Jae-myung is speaking at the Cabinet Meeting held at the Blue House on the 24th. Photo by Yonhap News

Additionally, the Ministry of Planning and Budget released the “2027 Budget Formulation Direction for the Sovereign Government” and announced that work on the budget will begin early, starting in January. Through this, the government aims to promote proactive and strategic resource allocation and will adjust investment priorities based on thorough performance-based selection and concentration. The main budget will focus on supporting structural reforms, the AI transformation, demographic changes such as low birth rates, carbon neutrality, polarization, and the risk of local depopulation. The budget will also reflect President Lee’s policy priorities, such as regional preference and profit sharing.

With the second announcement of the petroleum price cap scheduled for the 27th, President Lee ordered the preparation of concrete measures to minimize the burden on the public caused by rising international oil prices. He also addressed the prosecution’s investigation into alleged price collusion among oil refiners, stating, “Unjust profits that exploit public suffering must be rooted out and those responsible must be held strictly accountable in accordance with the law and principles,” emphasizing the public responsibility of the refining industry. He called on public institutions to take the lead with measures such as the five-day rotation system for vehicles, and urged the public to participate in energy-saving measures such as using public transportation and reducing electricity consumption in daily life.

President Lee once again stressed the need to fundamentally block “nation-destroying real estate speculation.” He said, “If real estate speculation is left unchecked, the country will collapse. If we fail to overcome this, there is no future for this government or this country.” He continued, “There is no need for any political consideration. Whether it is taxation, finance, or regulation, all possible loopholes for abuse must be completely eliminated and preparations must be thorough so that not even 0.1% of exploitation is possible.”

President Lee specifically pointed out, “Rising real estate prices lead to higher inflation, increased costs for industry, and loss of competitiveness, triggering a vicious cycle of further inflation. This is the most severe problem that Korea faces.” He directed relevant ministries to prepare and enforce strict sanctions against collusion and manipulation.

Meanwhile, on the same day at the Blue House, President Lee is scheduled to host a meeting with the Korean Confederation of Trade Unions. This meeting, held under the slogan “Opening a New Era of Growth Together with Labor through Respect and Trust,” is intended to gather direct opinions from the labor field. A total of 29 participants are expected from the Korean Confederation of Trade Unions, including Chairman Kim Dong-myeong, executives, and leaders of member unions.

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