Won Hee-ryong: "Incompetent Moon Administration Drives People to the Brink... Pushing Them Toward Loan Sharks"

Won Hee-ryong, a preliminary candidate for the People Power Party's presidential primary, is answering reporters' questions after holding a press conference on the revision of social distancing measures at the National Assembly Communication Hall on the morning of the 31st of last month.
[Image source=Yonhap News]

[Asia Economy Reporter Kim Soyoung] Won Heeryong, former governor of Jeju Province and a presidential candidate from the People Power Party, raised his voice, saying, "An incompetent government is driving the people into a 'death zone,'" and urged, "Stop the Moon Jae-in administration's policies that are destroying the livelihoods of ordinary people by pushing them toward loan sharks."

On the 1st, Won posted on his Facebook, stating, "Due to the Moon Jae-in administration's total household loan volume regulation, it has become difficult for ordinary people to get loans from banks and secondary financial institutions. The Financial Services Commission plans to select 'excellent loan providers for ordinary people' and offer various benefits to loan companies," adding, "Ultimately, this is forcing ordinary people to go to loan companies to get loans."

He predicted, "Can a government that blocks bank loans and recommends loan companies be considered normal? Ordinary people driven to private loans will face an even more serious household debt crisis."

He continued, "Most of the purposes for which ordinary people take out loans are for living expenses. Loan regulations eliminate ways to endure and survive," and said, "People in hardship will be driven beyond loan companies' loans into illegal private loan markets. As a result, both the quantity and quality of debt will worsen, and the damage will fall entirely on ordinary people."

He also criticized, "The national debt has reached 1,000 trillion won under the Moon Jae-in administration, with government funds being used without clear knowledge of where they go, yet ordinary people are blocked from freely borrowing even 10 million won. What kind of situation is this?"

Former Governor Won urged, "The Moon Jae-in administration, which only leaves pain for the people, must immediately stop the 'policies destroying ordinary people' so that genuine borrowers for livelihood loans do not face frustration at loan counters."

Earlier, on the 30th of last month, Prime Minister Kim Boo-kyum, during a regular meeting with President Moon Jae-in, stated regarding some banks halting loans, "We will continue to manage household debt to mitigate risks, but will also continuously support urgent living funds and genuine borrowers such as the homeless to ensure they do not suffer damage."

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