South Korean President Yoon Suk Yeol Rejects Opposition’s Stimulus Proposal in First Talks, Amid Growing Rift

South Korean President Yoon Suk Yeol and opposition leader Lee Jae-Myung engaged in their first talks since Yoon assumed office, setting the stage for a crucial exchange that underscored a growing divide between their respective parties following the ruling party’s recent electoral setback.

During the meeting, which lasted over two hours on Monday, President Yoon decisively turned down Lee’s significant proposal to provide a one-time cash handout to all citizens amounting to 13 trillion won ($9.4 billion) as a measure to stimulate the economy. Yoon’s rejection of the proposal emphasized his stance on the issue, citing considerations such as inflation, interest rates, and the government’s financial position. Lee Do-woon, a spokesperson for the presidential office, conveyed this position during a subsequent briefing.

Initially anticipated as an opportunity for Yoon to demonstrate a shift in his leadership approach and address perceptions of a top-down administration, the meeting took place against the backdrop of the People Power Party’s substantial defeat in the April 10 parliamentary elections. Widely regarded as a referendum on Yoon’s presidency, the outcome reflected a significant decline in public support, nearing an all-time low.

Sungjoon Park, a spokesperson and lawmaker for the Democratic Party, expressed disappointment in the meeting’s outcome, stating that despite high expectations, no noticeable changes were observed. Park characterized Lee’s sentiments post-meeting as “frustrated and disappointed.”

Although consensus on the cash handouts eluded both parties, there was acknowledgment from both sides regarding the necessity of addressing the contentious issue of increasing the medical school quota. This matter had sparked prolonged protests by thousands of trainee doctors opposed to the proposed plan.

Recent polling data from Gallup Korea revealed Yoon’s support rating hovering at 24%, slightly up from a record low of 23% the week prior. Public dissatisfaction with Yoon’s management of the economy and communication skills was cited as key reasons for this negative sentiment.

Meanwhile, Lee Jae-myung faces his own set of challenges following his narrow loss to Yoon in the 2022 presidential race. Lee has been indicted on various charges, including bribery and breach of duty, adding to the complexities of his political landscape.