Hong Nam-ki "Support for Overcoming COVID-19 Insufficient... Maximum Additional Measures Needed"

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is presiding over an expanded executive meeting via video between Seoul and Sejong regarding COVID-19 at the Government Complex Seoul in Gwanghwamun, Seoul, on the morning of the 6th.

[Sejong=Asia Economy Reporter Joo Sang-don] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 6th, "It is crucial to strengthen additional support measures to the maximum extent, as the current support is insufficient to help self-employed individuals, small business owners, companies, and citizens endure the 'crisis valley' of the next few months and stand back up."

On the morning of the same day, Deputy Prime Minister Hong held an expanded executive meeting via video conference and said, "With the novel coronavirus infection (COVID-19) declared a global pandemic, it is having an unprecedented impact on the global economy and our economy, and the effects on the real economy will deepen and accelerate."

Deputy Prime Minister Hong particularly emphasized the need to promptly prepare policy reinforcements in five areas: ▲ supplementing blind spots in support for overcoming damages to self-employed and small business owners ▲ responding to marginal and crisis companies facing production disruptions and temporary liquidity difficulties ▲ employment stabilization measures to prepare for employment shocks ▲ measures to revitalize domestic demand such as consumption and investment ▲ and measures to maintain export capacity.

The government plans to regularly hold internal policy review meetings chaired by the Deputy Prime Minister to monitor progress in these areas.

Additionally, alongside responding to these urgent issues, Deputy Prime Minister Hong urged the formation of an inter-ministerial task force (TF) to proactively review economic policy directions for the 'post-COVID-19' era, including fostering non-face-to-face industries, in preparation for the significantly changed global economic order and industrial ecosystem after the COVID-19 crisis.

Deputy Prime Minister Hong said, "Now is the time for Ministry of Economy and Finance staff to listen carefully to voices and difficulties from the field and passionately connect them swiftly and thoroughly to policies," adding, "As emphasized at the beginning of the year, please maintain the attitude of 'making a path when meeting a mountain and building a bridge when meeting water to overcome obstacles (Bongsan Gaedo Usuga Gyo).'"

This content was produced with the assistance of AI translation services.