Park Wan-joo: "Announcement on Small Business Loan Extension and Interest Deferral Before Chuseok"

Park Wan-joo, the Policy Committee Chairman of the Democratic Party of Korea, is attending the floor strategy meeting held at the National Assembly on the 3rd and delivering an opening remark. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Koo Chae-eun] On the 7th, Park Wan-joo, Policy Committee Chairman of the Democratic Party of Korea, said, "We are discussing the extension of loan maturities and interest deferrals for small business owners, and the party and government plan to announce specific measures before Chuseok."

Chairman Park held a press briefing at the National Assembly in the morning and said, "Small business owners have received support funds, but many loan maturities are coming due at the end of September." He added, "The new Financial Services Commission Chairman also said at the confirmation hearing that he would consider this positively," and "Since private financial participation is necessary, we plan to organize this with the intention of sharing the burden during difficult times."

Regarding Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki's remark at the Budget and Accounts Special Committee the day before that "the country's treasury is running empty," Park said, "As someone responsible for fiscal authorities, having set supplementary budgets six times, he seems to be thinking more about fiscal soundness." He continued, "An unavoidable fiscal expansion was necessary due to the infectious disease."

As priority legislative tasks for the September regular session of the National Assembly, Chairman Park mentioned the amendment to the Commercial Building Lease Protection Act, the reform of capital gains tax, and the Child Allowance Act. Regarding additional legislative tasks such as improving the governance of public broadcasting (Broadcasting Act), preventing fake news in one-person media (Information and Communications Network Act), and fair algorithms for news portals (Newspaper Act), he said, "I don't know if a conclusion will be reached, but we will start discussions immediately."

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