With "I will reduce the national interest burden... Request for prompt promotion of the refinancing loan platform"

Sung Il-jong, Policy Committee Chair of the People Power Party, Mentions Debt Refinancing Platform at May 5 Floor Countermeasure Meeting
Also Urges Democratic Party for Prompt Standing Committee Formation

Seong Il-jong, Chairman of the Policy Committee of the People Power Party / Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Kum Boryeong] The People Power Party has demanded that financial authorities expedite the implementation of the refinancing loan platform project. This is to reduce the interest burden on the public.

Seong Il-jong, the chairman of the People Power Party's Policy Committee, stated at the floor strategy meeting held at the National Assembly on the 5th, "The People Power Party requests that financial authorities swiftly promote the refinancing loan platform project, which allows financial consumers, that is, the public, to execute refinancing loans in a one-stop manner at new lending institutions without visiting existing loan institutions," adding, "We will reduce the public's interest burden through the refinancing loan platform project."

He continued, "Currently, high-interest products are being refinanced into low-interest ones, but the administrative hassle is significant. We hope that follow-up measures will be taken to resolve this," emphasizing, "This project was promoted last year but was suspended due to the financial sector's situation. However, it is a project more necessary than ever during the current interest rate hike, which is worse than before."

He also said, "The People Power Party will do its best to overcome the economic crisis by holding party-government meetings to support low-income finance, such as building refinancing loan infrastructure, as soon as the National Assembly is normalized and the Financial Services Commission chairman is appointed."

Along with this, Seong urged the Democratic Party of Korea to promptly form standing committees. He said, "There are many urgent livelihood issues to be resolved in each standing committee right now," and added, "We hope the Democratic Party will swiftly elect standing committee chairs as promised and work together for the complete normalization of the National Assembly."

He then stated, "The People Power Party has made thorough preparations to handle urgent livelihood bills immediately upon the reorganization of the National Assembly," adding, "To overcome the current economic crisis, which is unpredictable even a moment ahead, we must promptly process bills for economic recovery and public welfare."

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