Deputy Prime Minister Hong Holds Emergency Inspection Meeting to Discuss 'Fiscal Soundness' and More

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is presiding over the 'Meeting to Review Major Domestic and International Risk Factors' at the Ministry of Economy and Finance International Conference Room, Government Complex Sejong, on the 22nd. 2022.3.22 Photo by Yonhap News

[Asia Economy Sejong=Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held an unscheduled 'Emergency Inspection Meeting' on the 22nd to assess the recent domestic and international risk factors affecting the economic situation. Notably, amid demands from President-elect Yoon Seok-yeol and the ruling party for the formulation of a 'second supplementary budget (supplementary budget) plan,' fiscal soundness was also included as an agenda item, drawing attention.

According to the Ministry of Economy and Finance on the day, Deputy Prime Minister Hong held the 'Emergency Inspection Meeting' at the government complex in Sejong in the afternoon, attended by first-level officials and key heads of departments.

At the meeting, Hong Nam-ki emphasized, "This is a critical transition period where the current government is concluding and the new government is taking over. During this process, it is very important to carefully manage domestic and international risks so that they do not emerge as economic instability factors and to ensure there are no gaps in responding to current issues."

The meeting discussed ▲ first quarter and first half growth review ▲ on-site difficulties and emergency responses related to the Ukraine situation ▲ inflation and stabilization of living costs ▲ supply chain risk response including raw materials ▲ international financial risks such as foreign exchange, exchange rates, and credit ratings ▲ directions for external cooperation including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) ▲ real estate market stabilization ▲ household debt measures ▲ fiscal soundness and establishment of fiscal rules ▲ and other risk factors.

Hong Nam-ki stated, "Based on today's discussion results, for matters requiring immediate additional measures, let us promptly respond and manage through close consultations among related ministries via the Economic Central Disaster and Safety Countermeasure Headquarters. I ask the Ministry of Economy and Finance to take the lead and make every effort until the very last moment to carry out detailed tasks without any disruption."

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