Vice Minister Ki Jae: "COVID-19 Damage Gradually Becoming Visible... Thorough Support Measures by Industry"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Kim Yongbeom, the 1st Vice Minister of the Ministry of Economy and Finance, stated, "We are also making thorough efforts in support measures for affected industries, financial support for export-import companies, and the supply of foreign currency liquidity."

On the 21st, at a meeting held to discuss corporate difficulties and government policy directions with senior financial executives of domestic export-import companies, Vice Minister Kim said, "The negative ripple effects on our exports due to supply chain shocks and a sharp decline in external demand will gradually become visible."

Vice Minister Kim emphasized, "International organizations such as the International Monetary Fund (IMF) and the World Trade Organization (WTO) forecast that global economic growth and trade this year will be the worst since the Great Depression." He added, "The government is also responding with unprecedented speed to minimize the economic impact of COVID-19."

Meanwhile, from the corporate side at the meeting, it was suggested that "due to the global spread of COVID-19 and lockdown measures in various countries, difficulties in local production and business activities overseas will be reflected in second-quarter performance," and requested an expansion of corporate credit limits and long-term financing supply by banks in preparation for this.

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