People Power Party: "Korea-US Currency Swap Should Be Discussed at Korea-US Summit on the 21st"

"Resolve Foreign Exchange Market Instability to Stabilize Livelihoods"
Emphasizing Support Measures for Rural Areas Including Foreign Worker Supply

Seong Il-jong, a member of the People Power Party and the whip of the Special Committee on the Prime Minister Nominee Confirmation Hearing, is attending the joint meeting of standing committee chairpersons and whips held at the National Assembly on the 27th, delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kwon Hyun-ji] The People Power Party announced on the 6th that the South Korea-U.S. summit on the 21st should discuss the conclusion of a currency swap agreement between South Korea and the U.S. They also emphasized resolving the supply issue of foreign workers to stabilize food prices.

Seong Il-jong, chairman of the People Power Party's Policy Committee, mentioned the recent sharp rise in the won-dollar exchange rate and the decrease in foreign exchange reserves during the party's floor strategy meeting held at the National Assembly in Yeouido, Seoul. He said, "To address the Yoon Seok-yeol administration's top priority task of stabilizing people’s livelihoods, the instability in the foreign exchange and financial markets must first be resolved." He added, "To solve this, a currency swap agreement between South Korea and the U.S. must be concluded," and expressed hope that "the currency swap agenda will be positively discussed at the South Korea-U.S. summit on the 21st." A currency swap is a contract that allows a country to deposit its own currency with another country and receive that country's currency or dollars in return, serving as a policy tool to avoid risks caused by exchange rate and interest rate fluctuations.

Chairman Seong emphasized, "The Yoon Seok-yeol administration must promptly restore the currency swap that was diplomatically collapsed by the Moon Jae-in administration."

He also stressed the need to resolve the supply issue of foreign workers ahead of the busy farming season. Chairman Seong stated, "Currently, 16,000 workers need to be supplied from six countries, but due to COVID-19, they have not been supplied for several years, placing a burden on rural farming and fishing villages." He urged, "The Ministry of Foreign Affairs and the Ministry of Justice should closely coordinate with the relevant countries to ensure there are no difficulties in entry and exit caused by COVID-19 and local conditions, and the central government should provide active support to local governments in South Korea."

Chairman Seong told Asia Economy, "The shortage of foreign workers not only fails to guarantee farmers' real income but also affects food prices," adding, "We will strive to resolve this quickly through party-government consultations following the launch of the Yoon Seok-yeol administration."

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