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Lee urges Assembly support for supplementary budget response to economic 'crisis'

Published: 02 Apr. 2026, 19:06

President Lee Jae Myung delivers a policy speech on the 2026 supplementary budget at the National Assembly in western Seoul on April 2. [JOINT PRESS COPRS]

President Lee Jae Myung’s first policy speech of the year, delivered more than a month into the Iran war, was defined by a single word: crisis.

“The crisis we face is not a passing shower that quickly subsides, but rather a massive storm whose duration is unknown,” Lee said during a National Assembly plenary session on Thursday to present a supplementary budget proposal. “That is precisely why it is more alarming.”

Dressed in a black suit, Lee opened his address by saying he stood before lawmakers “with a desperate determination to protect the livelihoods of our people and the economy in the face of the grave crisis triggered by the Iran war.”

“Even if the war were to end tomorrow, it will inevitably take considerable time to restore the region’s damaged energy infrastructure and return supply to normal levels,” he said. “As we cannot predict when this crisis will end, we must overcome it with a long-term perspective and prepare for the future.”

During the 15-minute speech, Lee mentioned the word “crisis” 28 times.

Highlighting concerns over a potential economic slowdown at home, Lee stressed bold measures and swift action as the solution.

“Following the Kospi surpassing the 5,000 mark and strong performances by our companies in sectors such as semiconductors and shipbuilding, our economy was poised for another leap forward,” he said. “However, the Iran war has pushed us into an unexpected, complex crisis.

“Above all, given the possibility that this situation may not end in the short term, we must prepare an even more thorough and robust response,” he added.

President Lee Jae Myung delivers a policy speech on the 2026 supplementary budget at the National Assembly in western Seoul on April 2, as Cabinet members listen. [LIM HYUN-DONG]

Lee underscored the need for extraordinary measures, saying that “the government recognizes the situation as a wartime-level crisis for the people’s livelihood economy and is mobilizing all available resources to overcome it.”

Lee then turned his gaze toward lawmakers of the opposition People Power Party (PPP), asking for “bipartisan cooperation to ensure the swift passage of this budget.”

The supplementary budget, submitted to the Assembly on Tuesday, totals 26.2 trillion won ($17.3 billion). It will be financed through higher-than-expected tax revenue and other sources. When Lee emphasized that the proposal would be a “debt-free supplementary budget” that does not require issuing government bonds, lawmakers offered their first round of applause.

“This is thanks to your efforts in helping the economic situation improve gradually,” Lee said, giving credit to the Assembly in an unscripted remark.

Regarding spending details, Lee placed priority on easing the burden of high oil prices, allocating 10.1 trillion won.

“We have reflected 5 trillion won in purpose-specific reserves to ensure the smooth operation of the oil price cap system and to respond to fluctuations in exchange rates and fuel costs,” he said. “We will also newly introduce subsidies to offset high oil prices, helping relieve citizens suffering from the dual burden of high oil prices and inflation.”

The government plans to provide differentiated support ranging from 100,000 won to 600,000 won per person to the bottom 70 percent of income earners.

On stabilizing livelihoods, for which 2.8 trillion won is earmarked, Lee stressed stronger protection for vulnerable groups. “It is crucial to more robustly support those who will feel the impact of the crisis faster and more severely,” he said.

President Lee Jae Myung, far right, greets Rep. Park Choong-kwon of the People Power Party after delivering a policy speech on a supplementary budget to address the Iran war at the National Assembly in Yeouido, western Seoul, on April 2. [JOINT PRESS COPRS]

The funds will be used to expand donation-based community centers offering free food and essential goods, provide additional policy financing for small business owners, expand support for business shutdowns and restarts, widen coverage of rural basic income programs and support youth startups and employment.

Lee also emphasized a “zero tolerance” policy against collusion and hoarding, while repeatedly calling on citizens to participate in overcoming the crisis.

“It is more urgent than ever that we share each other’s burdens and work together to overcome this crisis,” he said. “By saving even a drop of oil and a single plastic bag, and showing consideration for one another, we can safely and swiftly emerge from this tunnel of crisis.

“We have overcome countless national hardships and turned crises into opportunities,” Lee added. “I ask that our people once again demonstrate that resilience. Let us save together, share together and overcome this together.”

After mentioning “crisis” the most with 28 times and “economy” with 18, the third most frequently used word in the speech was “people,” mentioned 17 times.

Lawmakers of the PPP remained seated and listened throughout the address, unlike their boycott of Lee’s speech in November last year. While lawmakers from the ruling Democratic Party (DP) applauded 13 times, those from the ruling party did not respond.

Lee entered the chamber through the DP seating area and, after finishing his speech, exited via the aisle near the PPP seats. Although most PPP lawmakers, including leader Jang Dong-hyeok, left the chamber immediately after the speech, around 20 remained to shake hands and exchange brief conversations with the president.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY OH HYUN-SEOK, OH SO-YEONG [[email protected]]