Lee Eokwon, Deputy Minister of Economy and Finance, "Preparing 'Support Measures for SME Damage' in Ukraine Crisis"

'The 10th Ukraine Emergency Response Task Force (TF) and Macroeconomic Finance Meeting' Held

[Asia Economy Sejong=Reporter Kwon Haeyoung] The government is preparing response measures for small and medium-sized enterprises (SMEs) affected by Russia's invasion of Ukraine.

Lee Eokwon, the 1st Vice Minister of the Ministry of Economy and Finance, stated at the '10th Ukraine Emergency Response Task Force (TF) and Macroeconomic Finance Meeting' held on the morning of the 3rd, "We will promptly finalize a 2 trillion won emergency financial support program to be executed immediately upon damage occurrence, and prepare a separate damage support plan specialized for SMEs."

Vice Minister Lee said, "We will conduct a damage survey this week targeting SMEs exporting to Russia and Ukraine," adding, "We will quickly prepare and announce response measures for SMEs, including management stabilization funds, special guarantee support, and activation of delivery price adjustments."

Regarding financial sanctions against Russia, Vice Minister Lee said, "We will swiftly identify difficulties faced by our companies, local residents, and international students, and actively review and promote solutions to payment difficulties with Russia through consultations among related ministries."

Monitoring in the agricultural, food, marine, and fisheries sectors will also be strengthened.

Vice Minister Lee explained, "To alleviate industry burdens caused by rising international grain prices, we will lower policy fund interest rates and strengthen support for tariff quotas," adding, "We will operate an emergency response system centered on the fisheries sector response task force (TF) and establish a system to monitor in real time the prices of fishery products highly dependent on Russia and fluctuations in shipping freight rates."

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