Yoon, in a private meeting with Choo Kyung-ho, says "Review livelihood measures and prepare detailed tax burden relief plans"

Considering heatwaves, call for 'Chuseok Livelihood Stability Measures'... Yoon: "In price measures, the time it reaches the people is important"

[Image source=Yonhap News]

[Asia Economy Reporter Baek Kyunghwan] President Yoon Seok-yeol instructed Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho to check the implementation status of livelihood stabilization measures and prepare plans to reduce the tax burden on ordinary citizens. In particular, President Yoon ordered a proactive response to the 'Chuseok Livelihood Stabilization Measures,' considering variables such as this year's earlier-than-usual Chuseok holiday, the rainy season, and heatwaves.

On the afternoon of the 11th, President Yoon received a report on the Ministry of Economy and Finance's current affairs from Deputy Prime Minister Choo at the Yongsan Presidential Office building and conveyed these instructions.

Initially, one staff member was scheduled to attend alongside Deputy Prime Minister Choo, but considering the spread of COVID-19, only Deputy Prime Minister Choo, Chief Secretary Kim Dae-gi, and Senior Secretary for Economic Affairs Choi Sang-mok were present. Deputy Prime Minister Choo reported directly to the president without any accompanying staff, and the reporting time extended by about 30 minutes to approximately one and a half hours.

Deputy Prime Minister Choo reported on the Ministry of Economy and Finance's key policies and functions, including finance, budget, public institutions, and tax systems, focusing on major government tasks and plans. He stated, "We will prioritize livelihood and price stabilization and strengthen all-out responses," adding, "We will swiftly implement measures to boost export and investment vitality to prevent an economic recession during the price stabilization efforts." He also said, "We will collaborate with the Bank of Korea and the Financial Services Commission to prepare support measures for multiple debtors and low-credit borrowers who face the greatest difficulties during the interest rate hike period."

After receiving the report, President Yoon instructed Deputy Prime Minister Choo, "Please thoroughly check the implementation status of the price and livelihood stabilization measures announced five times so far and carefully examine whether there are any blind spots in support." He continued, "Prepare plans to reduce the tax burden on the middle and lower-income classes struggling in this high-price era."

Considering that this year's Chuseok holiday is earlier than usual, he also requested related livelihood measures. President Yoon said, "Due to the recent rainy season and heatwaves, there are concerns about price instability for essential goods," and added, "Please work proactively with relevant ministries to prepare the 'Chuseok Livelihood Stabilization Measures' to stabilize prices and livelihoods."

Meanwhile, earlier, President Yoon held a regular weekly meeting with Prime Minister Han Duck-soo and exchanged broad opinions on pressing issues such as COVID-19, living costs, and regulatory innovation. President Yoon asked Prime Minister Han to check the recent COVID-19 situation and urged the government, led by the prime minister, to thoroughly prepare for a COVID-19 resurgence. He emphasized, "The time it takes for the government's announced price measures to reach the people is crucial," and instructed, "Please strictly manage and inspect whether the measures are being implemented swiftly on the ground."

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