2nd Emergency Economic Task Force Meeting… Concerns Over Price Increases Due to Processed Foods and AI

President Lee Jae-myung expressed strong concerns over the recent surge in prices during the 2nd Emergency Economic Task Force (TF) meeting held at the Yongsan Presidential Office in Seoul.

During the meeting on the 9th, President Lee stated, "I've heard that prices have increased tremendously lately," and questioned attendees, "Is it true that one ramen costs 2,000 won?"

President Lee remarked, "The issue of prices is causing great pain to our citizens," and directed, "Please closely monitor the current situation and thoroughly check what possible measures can be taken."

In response, Deputy Minister of Strategy and Finance Kim Beom-seok explained, "Due to political uncertainty, the prices of processed foods like beer and ramen that had been suppressed have significantly increased," adding, "In particular, given the occurrence of highly pathogenic avian influenza (AI) in Brazil, a major chicken importer, it could impact domestic prices over time."

President Lee emphasized, "There is no such thing as an event without a reason," suggesting, "I believe there are various factors at play. Please be thoroughly prepared to respond proactively."

"Discussion on Supplementary Budget, Trading Time for 52 Million Hours"… Calling for Responsibility

The meeting also included discussions on the 2nd supplementary budget (supplementary budget). President Lee urged, "Every hour we spend is worth 52 million hours," and requested, "Please understand the significant impact of your work on the world and maintain a high sense of responsibility."

The 2nd supplementary budget is a key tool for restoring the people's economy, and previously the President reiterated the necessity for active fiscal input. During this meeting, practical reviews of the direction of budget preparation, detailed items, and the possibility of fiscal adjustments were conducted.

"It’s Okay for Deputy Ministers and Working-Level Staff to Attend… Emphasis on Grounded Meetings"

President Lee also commented on the operational aspects of the meeting.

He suggested, "In future meetings, it would be good if deputy ministers or heads of departments, and if necessary, section chiefs also attend," stating, "Since it’s difficult for ministers to be aware of all current issues, having working-level staff present will enhance the depth of the meetings."

He added, "Please do so if possible," remarking, "Grounded discussions are the beginning of policy execution capabilities."

The meeting served as a practical review of the execution status of the 1st supplementary budget, responses to price increases, and the direction of the 2nd supplementary budget, indicating the expected reinforcement of the practical functions of the Emergency Economic TF chaired by the President.

Image source: President Lee Jae-myung speaking at the 2nd Emergency Economic TF meeting / youtube 'ktv imagination', News1, Yoo Jae-suk, opening a ramen shop rivaling 'Kang's Restaurant'