Vice Minister Ki Jae: "Full Economic Recovery Difficult Until Vaccine and Therapeutics Development"

Checking Prices of Meats Including Beef and Pork

[Asia Economy Reporter Jang Sehee] Kim Yong-beom, First Vice Minister of the Ministry of Economy and Finance, said on the 3rd, "Full economic recovery is difficult until vaccines and treatments are developed."

On the same day, Kim held the 16th Innovation Growth Strategy Review Meeting and the Price-Related Vice Ministers' Meeting at the Seoul Government Complex, stating, "Even with the same shock, support for more vulnerable groups such as self-employed business owners, small and medium enterprises, and workers with employment instability ultimately becomes the strength that helps our economy endure the crisis."

Kim also pledged to prevent small and medium enterprises and small business owners from losing their business foundations due to temporary liquidity shortages. He said, "During the operation period scheduled until the end of September, we will continue efforts with the financial sector and related ministries to ensure that benefits such as maturity extensions and interest payment deferrals are fully supported."

He added, "We will strengthen publicity for the guidelines on maturity extensions and interest repayment deferrals so that they can be actively utilized on the ground." Furthermore, he said, "We will actively resolve individual companies' financial difficulties through the Financial Risk Response Team meetings held weekly."

He also vowed to make every effort to supply direct government jobs. He stated, "Public sector jobs are like rain in a drought, enabling vulnerable groups to maintain their livelihoods during the most difficult times like now," and added, "We will quickly normalize direct job projects through the transition to non-face-to-face work methods."

In addition, plans are in place to closely monitor the prices of meats such as beef and pork, which are showing an upward trend due to increased demand. Kim emphasized, "A record-breaking heatwave is expected this summer," and said, "We will proactively inspect and respond to major items that may experience expanded supply and price fluctuations."

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