Seoul: President Lee Jae Myung met with leaders of both the ruling and main opposition parties to discuss strategies to alleviate the economic repercussions of the ongoing Middle East conflict. During the meeting at Cheong Wa Dae, Lee emphasized that the proposed cash handouts in the extra budget are intended to mitigate the impact of soaring fuel prices on the public.

According to Yonhap News Agency, the meeting included Democratic Party (DP) leader Jung Chung-rae, DP floor leader Han Byung-do, People Power Party (PPP) leader Jang Dong-hyeok, and PPP floor leader Song Eon-seog. The focus was on finding collaborative solutions to the economic challenges posed by external factors beyond South Korea's control. Lee underscored the severity of the crisis and urged both parties to cooperate in overcoming these challenges.

President Lee clarified that the relief assistance plan, aimed at reducing the financial burden on the public, is not an act of populism. He assured that the funding would be sourced from existing tax revenues, dismissing concerns over incurring additional debt or tax burdens. The government's initiative involves distributing cash assistance to the bottom 70 percent of income earners to provide substantial support to the socially vulnerable.

Under the proposed plan, approximately 35.8 million people will receive financial aid ranging from 100,000 won to 600,000 won per person. The payment amounts will vary based on income level, region, and whether recipients reside in areas experiencing population decline. Furthermore, President Lee sought the cooperation of the PPP in taking gradual steps towards constitutional revision.

The meeting also included Prime Minister Kim Min-seok and Kang Hoon-sik, the presidential chief of staff. Notably, this was the first such gathering since a luncheon meeting between Lee and the rival party leaders in September of the previous year. A similar meeting planned for February was canceled at the last minute when the PPP leader declined to attend.