Hong Nam-ki "Considering Additional Support for COVID-19 Affected Groups"... Official Announcement of 4th Disaster Relief Fund

At the Executive Meeting on the 8th, "Speed Up Execution of 9.3 Trillion 3rd Support Fund" Ordered
Just Before Employment Trend Announcement, "Employment Indicators Will Be Difficult Until February"
'Youth Employment Measures' Likely to Be Announced in March, Not February During Graduation Season
Real Estate Measures: "Sure Execution Is Key"

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki speaking at the expanded executive meeting held on the 8th in the Ministry of Economy and Finance large conference room at the Government Complex Sejong. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki instructed Ministry of Economy and Finance (MoEF) officials on the 8th to "review and examine additional support for severely affected groups and supplementary support for blind spots." He also urged speeding up the disbursement of the third disaster relief fund. This has been interpreted as an official declaration to begin reviewing the fourth disaster relief fund.

On the 8th, Deputy Prime Minister Hong held an expanded MoEF executive meeting at the Government Complex Sejong and said, "Please thoroughly check the disbursement status of the 9.3 trillion won damage support measures (third disaster relief fund) and accelerate the disbursement."

Ahead of the first employment trend announcement of the new year, Hong mentioned, "Due to the prolonged social distancing measures and the employment base effect from last year, employment indicators for January and February are expected to be difficult."

He added, "We must focus on hiring 830,000 people in government direct jobs by March, accelerating employment of 26,000 people in public institutions, and supporting private sector work experience opportunities and creation of short- and long-term jobs. Also, please speed up preparations for additional employment measures for youth and women to be ready within the first quarter."

Previously, at the expanded executive meeting on the 25th of last month, he instructed preparations by February before the graduation season, but the timeline was revised to "within the first quarter." Inside the MoEF, it is said that after reviewing the 'January employment trend' indicators to be announced by Statistics Korea on the 10th, detailed coordination on finances among related ministries will be discussed before announcing the measures.

Regarding the '830,000 housing supply plan for metropolitan areas' announced last week, Hong emphasized, "Ensuring real estate market stability now depends on firm implementation."

He said, "Please prepare so that the Green Room meeting tomorrow and the related ministers' meeting to check the real estate market next week can comprehensively review the progress of the 8.4 and 11.16 measures, as well as follow-up actions for the recent 2.4 measures."

He added, "We must strengthen the government's strong determination to stabilize the real estate market by drastically expanding housing supply, responding strongly to real estate speculation and illegal activities, and stabilizing market sentiment, and respond with utmost priority and full effort."

Regarding livelihood and price stability for the Lunar New Year, he said, "There is price instability for Lunar New Year seasonal products such as eggs, apples, and pears, especially eggs," and stated, "We will respond with full force together with related ministries and agencies through additional imports under tariff quotas, supply of stockpiled goods, early shipment, and crackdowns on distribution disorder."

Deputy Prime Minister Hong encouraged MoEF employees on the day. He said, "The MoEF was selected as an excellent ministry in the recent government performance evaluation, which is the result of the sweat and passion of employees who worked tirelessly last year to overcome the crisis and recover the economy," and added, "We will ensure appropriate rewards are given to the employees."

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