Government Holds Meeting Led by Deputy Prime Minister to Discuss Household Debt Management Measures

Holding a Closed-Door Meeting on the 31st... Discussing Responses to the Regular National Assembly

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government is expected to present additional measures to manage the recently surged household debt.

On the morning of the 31st, the government held a meeting of related ministers (Noksil Meeting) at the Government Seoul Office, chaired by Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, to discuss the trends and management plans for household debt.

They likely reviewed the current status of the recent explosive increase in household debt and continued discussions on ways to resolve it. Household debt in the second quarter of this year has exceeded 1,800 trillion won. It increased by 16.86 trillion won compared to a year ago, marking another record high increase.

The meeting was attended by Eun Sung-soo, Chairman of the Financial Services Commission; Moon Seung-wook, Minister of Trade, Industry and Energy; Noh Hyung-wook, Minister of Land, Infrastructure and Transport; Koo Yoon-cheol, Director of the Office for Government Policy Coordination; and Kang Sung-chun, Vice Minister of the Ministry of SMEs and Startups.

At the meeting, participants reviewed major recent economic issues including household debt trends and management plans, the economic and industrial ripple effects of adjustments to the Nationally Determined Contribution (NDC) for greenhouse gas reduction, the real estate market and responses, and the progress of the three-package support for COVID-19 damage.

Additionally, they exchanged opinions on recent COVID-19 fourth wave spread and quarantine status, as well as economic trends including industrial activity in July.

Measures to respond to the regular National Assembly session were also discussed. The government stated, "We will continue to consult with the National Assembly to ensure that key economic bills such as the Urban and Residential Environment Improvement Act, the Framework Act on Service Industry Development, and the National Finance Act are processed within the regular session of the National Assembly."

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