Lee Ju-yeol "Urgent Disaster Relief Fund Necessary... Method Needs Consideration"

Bank of Korea's Report to the National Assembly's Strategy and Finance Committee

[Image source=Yonhap News]

[Asia Economy Reporter Eunbyeol Kim] Lee Ju-yeol, Governor of the Bank of Korea, stated on the 24th during a briefing to the National Assembly's Planning and Finance Committee, "Since the impact of the novel coronavirus disease (COVID-19) was greater on low-income groups, I acknowledge that government measures to partially supplement this were necessary."

In response to a question from Ki Dong-min, a member of the Democratic Party of Korea, asking for his opinion on the payment of the second emergency disaster relief fund, Governor Lee replied, "Since it will be difficult for household income conditions to improve in the third quarter as well, I personally think that measures to compensate for income shocks are necessary."

However, he added that the details regarding the recipients and methods of payment need to be carefully considered. Governor Lee said, "I think that the effects of stimulating consumption and the fiscal capacity to bear the cost related to the payment of the second emergency disaster relief fund should be considered together."

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