South Korean President Lee Jae Myung has called on parliament to expedite the approval of an additional $14.7 billion in government spending, citing a “desperate” economic situation affecting both domestic consumption and exports. Addressing the National Parliament, Lee emphasized the need for fiscal moderation, noting that reducing tax shortfalls over the next few years will be crucial for maintaining healthy government finances. The report was filed by Cynthia Kim and edited by Himani Sarkar.
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South Korea President Lee says economy in ‘desperate’ situation
SEOUL, June 26 (Reuters) – South Korea President Lee Jae Myung asked the parliament to swiftly approve the $14.7 billion of extra government spending as the economy is in “desperate” situation across domestic consumption and exports. n nSpeaking at the National Parliament, Lee also said he will work to seek moderation in fiscal spending as reducing tax shortfall over the next few years will be critical for healthy management of government coffers. n nSign up here. n nReporting by Cynthia Kim; Editing by Himani Sarkar
