President Lee: "Framework for War-Related Supplementary Budget Established... Now What Matters Is Execution"

President Lee’s Social Media Message
Emergency Economic Situation Room and Headquarters Now Fully Operational
Calls for Participation in Vehicle Rotation and Energy Conservation

On March 26, President Lee Jaemyung announced the full-scale operation of the Emergency Economic Situation Room at the Presidential Office and the Emergency Economic Headquarters, chaired by the Prime Minister, in response to the Middle East war. He stated that the framework for response has been established through the so-called "war-related supplementary budget," which is scheduled to be announced next week, adding, "The important thing now is implementation."

Yonhap News Agency

In a post on X (formerly Twitter) that day, President Lee said, "This crisis may cause unexpected inconveniences and burdens in various aspects of citizens’ daily lives." He continued, "Although there is no solution that can reverse the situation in a short period, solidarity in sharing wisdom and pain is more urgent than ever." He emphasized, "We will respond responsibly to ensure even the smallest aspects are not overlooked."

President Lee reiterated that the public sector should take the lead, mentioning once again the implementation of the five-day rotation system for vehicles. He also called on the public to join in small everyday actions such as using public transportation and conserving electricity. On this day, the government announced that the scope of the vehicle rotation system would be expanded and strengthened to include all local governments and public institutions nationwide.

Additionally, President Lee requested that gas stations set reasonable prices so that the second phase of the maximum price regulation for oil refiners, which takes effect from the 27th, can be effective in practice. He also stated, "We will respond strictly to any acts of collusion or hoarding that seek unjust profits by taking advantage of the crisis." This reaffirms the zero-tolerance principle he articulated in his opening remarks at the second Emergency Economic Review Meeting held at the Presidential Office that day.

The previous day, the Presidential Office officially announced the establishment of the Emergency Economic Situation Room, chaired by the Chief of Staff, under the Emergency Economic Review Meeting presided over by the President. The Emergency Economic Situation Room is structured with the National Security Advisor and Policy Chief serving as deputy chiefs, the Senior Secretary for Political Affairs as chief secretary, and the Director of the National Situation Room as working secretary. Five task-specific response teams will be organized under it: macroeconomic and price response, energy supply, financial stability, livelihood and welfare, and overseas situation management.

At the meeting that day, President Lee also assessed that the Middle East crisis has been ongoing for nearly a month, and that it is difficult to pinpoint the exact channels through which global supply chain shocks are spreading. He emphasized, "A crisis situation is a true test that reveals the government's real capabilities without embellishment," and added, "We must demonstrate the ability to turn crisis into opportunity."

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