Vice Minister Ki Jae: "We May Face Risks in Quarantine and Economy... Policy Direction Must Be Adjusted Quickly"

'The 22nd Innovation Growth Strategy Review Meeting, Policy Review Meeting, and the 8th Price-Related Vice Ministers' Meeting'

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Kim Yongbeom, 1st Vice Minister of the Ministry of Economy and Finance, emphasized, "In rapidly changing situations, we must not insist on a single measure, but quickly adjust policy tools and directions to prevent mistakes."

At the '22nd Innovation Growth Strategy Review Meeting, Policy Review Meeting, and 8th Price-related Vice Ministers' Meeting' on the 14th, Vice Minister Kim stated, "Both quarantine and the economy could fall into a risky situation." This is interpreted as the government's intention to proactively respond through policy changes as signs of a resurgence of the novel coronavirus infection (COVID-19) appear.

He added, "The government will prioritize quarantine," and "We will not neglect efforts to minimize difficulties in people's livelihoods."

At the meeting, they also reviewed the '2nd Financial Support Program Execution Performance' to support small business owners struggling due to COVID-19. He said, "As of the 19th, loans have been supplied to 60,000 small business owners, contributing to the resolution of urgent financial difficulties." The government is enhancing financial accessibility and swiftly executing loans mainly for small business owners with medium to low credit ratings through loan supply via 12 commercial banks, entrusted guarantees from the Korea Credit Guarantee Fund, and non-face-to-face loans.

He also stated that efforts to stabilize agricultural product supply and prices will continue. Vice Minister Kim said, "We will continue production support policies such as emergency pest control and pesticide discounts," and added, "We will alleviate consumer burdens through flexible release of stockpiled quantities and price discount events."

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