Hong Nam-ki: "Support Vulnerable Groups Selectively and Generously"

Deputy Prime Minister Hong Emphasizes the Need for Fiscal Rules

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The International Monetary Fund (IMF) annual consultation mission stated that continuous policy support and targeted assistance for affected groups are desirable to accelerate recovery from the novel coronavirus disease (COVID-19).

On the 27th, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki held a virtual meeting with the IMF annual consultation mission at the Government Seoul Office.

Andreas Bauer, head of the IMF annual consultation mission, highly praised Korea's achievement of -1.0% growth last year, saying, "While most countries experienced significant negative growth, Korea's performance was due to effective quarantine measures and policy support."

He added, "Since the economic recovery is neither robust nor evenly distributed, continuous policy support is necessary to accelerate recovery, and it is desirable to provide targeted support to affected groups."

In response, Deputy Prime Minister Hong said, "It is desirable to selectively and intensively support affected groups as needed to prevent a K-shaped recovery, depending on the situation." He also emphasized that the introduction and establishment of fiscal rules are essential tasks.

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