Lee to address parliament Monday over financial crisis

By Yoo Cheong-mo
SEOUL, Oct. 26 (Yonhap) -- President Lee Myung-bak will give a speech at the National Assembly on Monday to ask for nonpartisan and nationwide efforts to overcome the financial market crisis, officials at the presidential office said Sunday.

Lee will also explain government efforts to combat the crisis by focusing on
additional tax and interest cuts and increased fiscal spending and will request
extensive parliamentary support for his government's budget plan for 2009 during
the high-profile address, said the officials.
The president presided over an emergency economic policy meeting on Sunday,
instructing his Cabinet ministers to implement further tax reductions and expand
the government's fiscal expenditures to prevent the ongoing financial crisis from
spilling over into the real economy.
He also stressed concerted nationwide efforts to regain the confidence of foreign
and domestic investors in the South Korean economy and financial markets.
"The president's annual budget speech has usually been read by the prime
minister, but President Lee decided to personally address the Assembly this year
to demonstrate his respect for the parliament," said a presidential aide.
"In the address, Lee will give a detailed explanation of his government's budget
plan for next year and ask for nonpartisan cooperation in tiding over the
financial crisis. He will also thank the ruling and opposition parties for their
decision to approve the government's massive bank bailout plan," said the aide.
The Cabinet meeting last Tuesday approved the Bank of Korea's plan to guarantee
up to $100 billion in foreign-currency loans to be raised by domestic banks
through June next year. The bailout plan is subject to parliamentary approval.
ycm@yna.co.kr
(END)

Download this as a file