The government and the ruling Democratic Party(DP) have agreed to make a concerted effort to stabilize prices and swiftly implement the supplementary budget to stimulate consumption.

DP spokesperson Park Sang-hyuk said on Sunday that the ruling bloc made the agreement during its first high-level policy coordination meeting under the Lee Jae Myung administration. 

At the meeting, held at the prime minister’s official residence in Seoul, the ruling party urged the government to maintain close communication with industries to minimize price increases in processed foods to ease the burden on consumers, and the government agreed to actively consider the matter.

The DP also called on the government to execute the supplementary budget as quickly as possible, to which the government responded with a plan to execute 85 percent of the budget by the end of September. 

The meeting also addressed measures to respond to disasters, including heat waves and flooding. 

Top officials from the government, the ruling party, and the presidential office attended the meeting, including Prime Minister Kim Min-seok, DP floor leader Kim Byung-kee, and presidential chief of staff Kang Hoon-sik.