Prime Minister Jeong Urges Financial Sector to Support Citizens Facing Difficult Situations

Prime Minister Chung Sye-kyun is delivering a welcoming speech at the 'Financial Sector Meeting to Overcome the COVID-19 Crisis' held on the 25th at the Korea Federation of Banks Building in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kwangho Lee] Prime Minister Chung Sye-kyun said on the 15th, "Just as all citizens supported the financial sector during past foreign exchange and financial crises, I hope the financial sector will be a source of strength for the people currently facing difficult situations."

On the same day, Prime Minister Chung held a meeting with heads of financial sector associations at the Korea Federation of Banks in Jung-gu, Seoul, stating, "In the current emergency economic situation, the financial sector must support the smooth operation of the real economy. Financial assistance is urgently needed to prevent corporate bankruptcies despite profits and to stop small business owners and self-employed individuals from closing their doors."

The meeting was organized to review the current status of financial sector support related to the novel coronavirus infection (COVID-19) and the government's financial market stabilization measures, and to explore ways to provide more effective financial support to small business owners and small and medium-sized enterprises facing difficulties on the ground.

Prime Minister Chung requested the financial sector's participation, saying, "The government is implementing a comprehensive livelihood and economic plan totaling 32 trillion won through three supplementary budgets, and through the Emergency Economic Council, unprecedented livelihood and financial stabilization measures amounting to 100 trillion won are being prepared, reflecting efforts never seen before."

He added, "I urge overcoming this crisis through mutual efforts between the financial sector and businesses, and between the financial sector and the public. The government will also actively support the financial sector's efforts to overcome the crisis."

At the meeting, the Financial Services Commission, the Financial Supervisory Service, and all financial associations agreed that the entire financial sector must unite its capabilities to support citizens affected by COVID-19, and signed the "Financial Support Agreement for Overcoming the COVID-19 Crisis."

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