President Yoon Orders Measures on Price Stability, Lease 3 Laws, and Interest Rate Burden (Comprehensive)

Government Ministries Ordered to Merge and Reorganize Committees with Poor Performance and Inactive Activities

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] On the 20th, President Yoon Suk-yeol requested his aides at the Chief Secretary Meeting to make efforts to devise alternatives to resolve pressing economic issues affecting people's livelihoods, such as price stabilization, improvement of the Three Lease Laws, and easing the burden of interest rates.

A presidential office official said at a briefing held at the Yongsan Presidential Office that afternoon, "The meeting started with the economy as usual," adding, "The area receiving the most attention was monitoring the prices of daily necessities. This was to select major agricultural and livestock products with high consumer price sensitivity and to intensively inspect and manage them."

The official also mentioned the interest rate burden, stating, "President Yoon emphasized that financial authorities and institutions must cooperate to ensure that the interest burden on financial consumers does not increase significantly during the period of rising interest rates," and added, "He instructed to devise measures to alleviate the burden on vulnerable groups."

Regarding the Three Lease Laws, which will mark their second year of enforcement next month, the official said, "He instructed to expand benefits for cooperative landlords who minimize rent increases and to support reducing the burden on tenants," and added, "He also ordered a thorough analysis of the impact of the Three Lease Laws to identify areas for improvement in the system."

In addition, President Yoon also instructed to consolidate and reorganize committees under government ministries that have poor performance or are not actively functioning.

A presidential office official said, "There are many committees under government ministries; some operate very well and produce good results, but it is known that quite a few committees have almost no performance or are not actively functioning," and added, "(President Yoon) therefore suggested inspecting such committees to enable their consolidation or reorganization."

Earlier, the 20th Presidential Transition Committee announced in April that the new government would, in principle, abolish or consolidate 'dormant committees' that have not been formed for a long time or have poor operational performance.

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