President Lee floats emergency

Updated : 2026-03-31 21:52:20 KST

by Ian W


President Lee floats emergency economic decree over energy supply concerns


President Lee Jae Myung has called on his Cabinet to adopt a more proactive approach to protect the local economy from the conflict in the Middle East. During today's Cabinet meeting, Lee also floated the possibility of invoking an emergency economic decree. Our Blue House correspondent Song Yoo-jin reports. As the conflict in the Middle East continues, President Lee Jae Myung has called for bolder measures to address potential energy supply disruptions in South Korea.

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float (다른 사람들이 고려하도록 계획·생각을) 제시하다[내놓다]

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"For a country like ours, which relies heavily on external trade and sources a large share of energy from the Middle East, even more thorough checks and carefully designed contingency measures are required." Presiding over a Cabinet meeting on Tuesday, Lee even raised the possibility of using an emergency presidential decree, if legal or regulatory barriers slow the government's response. "If procedures such as import regulations or reviews take too long, then bring those issues to me.

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contingency measures 비상 조치

contingency 만일의 사태

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Under the Constitution, there is a system called an emergency financial and economic order." This emergency order allows the president to take immediate action with the force of law in the event of a serious economic crisis. Any such measure must later receive approval from the National Assembly. It was last invoked in 1993, when the government introduced a real-name financial transaction system. Lee's remarks come as the government looks for alternative supply routes following the closure of the Strait of Hormuz, through which around two-thirds of South Korea's crude oil imports pass.

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The President also pushed back against claims that the situation in the Middle East could trigger a rise in the price of everyday essentials, particularly garbage bags. The bags are made from polyethylene, which is produced using naphtha refined from crude oil. "The actual production cost of this bag is only a few won, but people are being charged tens, even hundreds of won more. That extra charge is essentially a quasi-tax meant to cover administrative costs, and it is set by ordinance.

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push back (잘못이라고 생각하는 것)~에 대해 반박하다/밀쳐내다

quasi-tax 준조세

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It is not something that can just be increased arbitrarily." Lee instructed officials to respond firmly to the spread of such misinformation, calling it a "serious crime" causing unnecessary confusion at a time of crisis. As part of efforts to cushion the economy from the fallout of the Iran war, the Cabinet on Tuesday approved the government's supplementary budget proposal worth 26-point-2-trillion won, or roughly 17 billion U.S. dollars. The proposal now heads to the National Assembly for review and passage. Song Yoo-jin, Arirang News.

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영어 원문 출처 및 동영상 링크;

arirang news/Nat'l/Politics

https://m.arirang.com/news/view?id=294369