Seoul, June 4 President Lee Jae-myung has instructed the launch of an emergency task force to address economic challenges as his first executive order since he took office on Wednesday, his spokesperson said.
Lee's decision to form the task force is in line with a central economic policy pledge from his campaign, reports Yonhap news agency.
During a campaign rally last week, Lee said revitalising the nation's sluggish economy and improving people's livelihoods would be his top priority if elected.
He also vowed to introduce an additional budget of at least 30 trillion won ($21.77 billion), raising speculation that the task force will focus on drafting the extra budget.
In an MBC radio interview, Lee Han-jo, head of the Democratic Research Institute who is expected to lead the presidential policy office under Lee, said a significant portion of the extra budget for improving livelihoods will likely be allocated for the issuance of regional prepaid voucher programs designed to help small merchants.
Lee also ordered a separate working-level meeting on public safety, involving officials from local governments as well, to be held on early Thursday.
Facing the dual challenges of the United States' aggressive tariff scheme and sluggish domestic demand, the President is expected to prioritise securing a favourable trade deal with Washington and implementing measures to revitalise the stagnant economy through supplementary budgets and the promotion of advanced industries, experts said.
The most pressing issue for Lee is trade negotiations with U.S. President Donald Trump, as Washington's sweeping tariff policies have dealt a blow to South Korea's trade-dependent economy.
The new government is supposed to conclude negotiations with the U.S. before July 9, when Trump's 90-day suspension of high global tariffs, including a 25 percent levy on South Korea, is set to expire. Seoul and Washington have agreed to work toward a comprehensive "package" agreement covering trade and related issues before the 90-day period runs out.
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