President Yoon Suk Yeol said stabilizing people's livelihoods must be addressed as a matter of life and death as the nation faces three challenges in the forms of inflation, high interest and a high exchange rate.

Presiding over the first emergency economic and livelihood meeting on Friday, Yoon said the four rounds of price and livelihood stability measures his administration has so far introduced have not had the desired impact on the public’s economic sentiment.

The president pledged to secure additional state funds through the restructuring of expenditure in the public sector, the surplus of which is to be used to support fuel and food expenses for vulnerable groups.

He promised to actively manage the supply of daily necessities and to expand imports for price stability.

Amid soaring global oil prices, the government will seek to raise the flexible rate cap on fuel taxes.

In response to rising interest rates, Yoon pledged to enact measures that assist young borrowers struggling with their monthly payments, while extending a freeze on rent for public housing.