President-elect Yoon: "LTV should be eased to give people their first home and breathe new life into them"

Emphasis on 50 Trillion Loss Compensation through Expenditure Structure Improvement
Highlighting the Need for Financial Tax Support for Companies

President-elect Yoon Suk-yeol is presiding over the Economic Subcommittees 1 and 2 and the Science, Technology, and Education Subcommittee briefing meeting held at the Presidential Transition Committee in Tongui-dong, Jongno-gu, Seoul on the 31st. Photo by Hyunmin Kim kimhyun81@

President-elect Yoon Suk-yeol on the 31st ordered the Presidential Transition Committee to ease the Loan-to-Value (LTV) ratio regulations to relieve the burden on citizens seeking to purchase their first home in life.

He also emphasized that unnecessary expenditure structures should be improved so that loss compensation amounting to 50 trillion won, including loan support, credit guarantees, and reemployment education support, can be provided.

The Transition Committee stated in a written briefing that President-elect Yoon made these remarks to the transition committee members after receiving an economic division briefing on the same day.

At the briefing, President-elect Yoon said, "The government must ease the burden on citizens who want to purchase their first home in life through measures such as LTV. Please take bold approaches and achieve a change in mindset, keeping in mind the future of the youth."

Regarding the COVID-19 supplementary budget, President-elect Yoon said, "Since the election, I have emphasized the state's responsibility for loss compensation," and reiterated, "When the state enforces restrictions on business hours and bans gatherings on individuals, it must be based on the natural premise of providing loss compensation for restrictions on property rights."

He continued, "Other countries around the world have overcome the COVID crisis through active debt restructuring and financial support," adding, "Our country must also provide 50 trillion won in loss compensation, including loan support, credit guarantees, and reemployment education support, through restructuring unnecessary expenditures. Please make continuous efforts."

President-elect Yoon also stressed the need for financial and tax support for companies, saying, "In the past, South Korea's research and development (R&D) investment amounted to about 5% of GDP, ranking second in the world after Israel, but there was no selection and concentration," and urged, "Please consider not just how much research funding is paid, but how it should be used, and how to discover and support startups and small and medium-sized enterprises with international competitiveness."

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