Seoul: President Lee Jae Myung on Thursday directed senior aides to formulate strategies aimed at maximizing the efficacy of cash handouts, part of an extra budget designed to stimulate private consumption. The directive was issued during a meeting with senior aides, as the government prepares to distribute "consumption coupons" to all citizens starting July 21.

According to Yonhap News Agency, President Lee emphasized the importance of these consumption coupons, describing them as critical to the rapid revival of the economy. "Consumption coupons are the capillaries of people's livelihoods, vital for the swift recovery of the economy," Lee stated during the meeting. He highlighted the severe economic challenges faced by underprivileged and low-income households.

The recent Cabinet approval of a 31.8 trillion-won ($23.3 billion) supplementary budget allocates 12.1 trillion won specifically for these consumption coupons to invigorate domestic demand. Under this scheme, all South Korean citizens are entitled to a one-time payment of at least 150,000 won, with the amount varying based on income levels.

In addition to the cash handout strategy, President Lee instructed ministries to deploy all available resources to safeguard public health and property amid an unprecedented heat wave. He urged a reassessment of the number and management of summer heat shelters operated by provincial governments, aiming to mitigate heat-related health issues, as reported by Lee Kyu-yeon, presidential secretary for public relations and communication.