Hong Nam-ki "Full Effort on Quarantine... Supporting Economic Recovery Within That Scope"

"Next Year's Quarantine and Small Business Budget 18 Trillion Won... Thorough Execution Preparation"

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki (right) presides over the expanded executive meeting of the Ministry of Economy and Finance held via video conference at the Government Seoul Office Building on the 13th. (Photo by Ministry of Economy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki said on the 13th, "Quarantine is the economic vaccine," adding, "We must devote all efforts to supporting quarantine control and work within that scope to back economic recovery."

Deputy Prime Minister Hong made these remarks during an expanded executive meeting held at the Government Seoul Office Building that day. This is interpreted as prioritizing quarantine amid the recent surge in COVID-19 cases. He said, "Next week, we plan to announce the economic policy direction for next year," and urged, "Please carefully finalize the review of the economic management direction for next year, summarizing the achievements of economic management over the past five years."

Deputy Prime Minister Hong identified quarantine, small business owners, living costs, supply chains, and sustaining economic resilience as the top priority tasks for the year-end and New Year period.

Regarding the support budget for quarantine and medical backing such as for Omicron, and the support budget for small business owners, he requested the prompt execution of this year's budget and thorough preparation for the execution of next year's budget, which amounts to about 18 trillion won. Among next year's budget, the support budget for small business owners is 10.1 trillion won, the quarantine budget is 7.2 trillion won, and consumption coupons, Onnuri, and local love gift certificates total 1 trillion won.

Deputy Prime Minister Hong said, "Please pay attention to the stable management of living-related prices such as oil prices (fuel tax reduction), eggs, and rice within this month, and especially to stabilize prices for the Lunar New Year in early February next year by activating an inter-ministerial price response task force (TF) from now on."

He instructed the establishment of a dedicated organization related to supply chains and the implementation of an early warning system, among other mid-term stabilization measures, and asked for preparations so that next year's budget can be implemented from the first day of the new year. He also requested the passage of the Basic Act on Service Industry Development and the amendment to the National Finance Act, which includes fiscal rules.

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