First Big Financial Meeting... Bang Gi-seon: "Gradual Reduction of Self-Employed Debt and Secondary Financial Sector Risks"

Bang Gi-seon, the 1st Vice Minister of the Ministry of Economy and Finance, is presiding over the Macroeconomic and Financial Meeting at the Bankers' Hall in Jung-gu, Seoul, on the 31st. The meeting discussed domestic and international financial market trends, self-employed debt, and risk factors in the secondary financial sector. / Photo by Moon Ho-nam munonam@

[Asia Economy Sejong=Reporter Kim Hyewon] The Yoon Seok-yeol administration is reexamining the debt of self-employed individuals and risk factors in the secondary financial sector and has begun efforts to reduce and manage these risks.

On the 31st, the government announced this at the first macroeconomic financial meeting under the Yoon administration, held at the Seoul Bankers' Hall and chaired by Deputy Minister Bang Gi-seon of the Ministry of Economy and Finance.

Deputy Minister Bang said, "The debt of self-employed individuals and risks in the secondary financial sector have increased due to COVID-19 response measures and low interest rates," adding, "Given the vulnerability of borrowers and the characteristics of the secondary financial sector, the risk of insolvency is relatively high. However, we will gradually reduce risks through soundness management while responding in a balanced manner to ensure that new difficulties do not intensify during this process." He continued, "We will do our best to ensure that debt relief policies for vulnerable borrowers such as small business owners, low-income earners, and youth, prepared through this supplementary budget, are implemented swiftly." Regarding the highly volatile domestic financial market, he said, "We will reexamine contingency plans and implement necessary measures promptly until external uncertainties are resolved."

Deputy Minister Bang, who chaired the macroeconomic financial meeting for the first time, said, "This meeting body, established in July 2012, is a permanent consultative body responsible for the macroeconomic soundness of our economy," emphasizing, "As the severe economic situation continues domestically and internationally, its role and responsibility are heavy." He also indicated a direction to activate information sharing among participating institutions such as the Bank of Korea, the Financial Supervisory Service, and the Korea Center for International Finance, and to strengthen the function of delivering appropriate messages to the market when necessary.

He stressed, "Uncertainty and volatility have increased in the macro and financial markets," adding, "To maintain the resilience of our economy against external shocks, we must carefully identify the most vulnerable links across macroeconomic, financial, and foreign exchange markets within the broader framework of enhancing macroeconomic soundness." Deputy Minister Bang said, "We will strengthen information sharing among participating institutions and do our best for swift decision-making in response to rapidly changing macro and financial conditions," and added, "We will also serve as a communication channel to closely engage with the market and deliver timely messages." Officials from the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service, and the Korea Center for International Finance attended the meeting.

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