President Yoon: "Concerns Over Illegal Private Loans Exploiting Interest Rate Hikes... Must Eradicate Them"

Yoon "Economic conditions severe due to rising interest rates and exchange rates... Instructs thorough response for public stability"
Next year's budget to restructure wasteful spending but maintain support for vulnerable groups
Presidential Office key official on three-women incident: "We apologize... Will ensure timely welfare services"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] On the 23rd, President Yoon Seok-yeol ordered, "The Prime Minister's Office should take the lead in cooperation with the National Police Agency, the Financial Services Commission, and the Financial Supervisory Service to swiftly initiate not only strong crackdowns and punishments but also victim support and institutional improvements to eradicate illegal private financing."

At the senior secretaries' meeting presided over by the president that morning, President Yoon expressed concerns about the spread of illegal private financing damage "riding on the rising interest rate trend," according to a briefing by Chief Secretary for Public Relations Kim Eun-hye.

First, President Yoon recently expressed concerns about the macroeconomic situation and instructed to prepare dense and in-depth measures to minimize the negative impact on the national economy. He particularly requested, "Due to the recent dollar strength causing exchange rate increases and widening trade deficits, the domestic and international economic conditions are severe, so related ministries should closely monitor the situation. Please ensure there is no gap in responding to stabilize people's livelihoods."

President Yoon emphasized that illegal private financing could become rampant due to rising interest rates and exchange rates, stating, "Protecting the vulnerable low-income groups from unbearable high interest rates and debt collection is a fundamental responsibility of the state."

President Yoon also stressed that when drafting next year's budget, while restructuring wastefully operated fiscal expenditures to maintain sound fiscal discipline, support for socially vulnerable groups should not be reduced.

Regarding reports about President Yoon mentioning the People Power Party's leadership election period, Chief Secretary Kim said, "(President Yoon) has never made such remarks as reported. He believes that political schedules such as the emergency committee should be decided by gathering the consensus of party members including lawmakers," and expressed regret over the inaccurate reports.

When asked about welfare for the vulnerable and special measures that President Yoon mentioned on his way to work that morning, he said, "Welfare for the vulnerable is not about taking care of the strong pretending to be weak, but about caring for those who cannot speak out," adding, "Yoon Seok-yeol's welfare for the vulnerable is not political welfare aimed at gaining votes but finding socially vulnerable and disadvantaged groups who have not been revealed because it is difficult for them to raise a collective single voice."

Regarding the Suwon three mothers incident, Chief Secretary Kim said, "It is heartbreaking and I apologize as a responsible member of the government for not taking care of the Suwon three mothers who passed away first," and "I understand that ministries are considering ways to supplement social security services so that welfare services can be provided timely to prevent repeated cases where government support does not reach citizens driven to desperate situations."

Regarding employees currently under internal inspection, he responded, "It is true that the Presidential Office is looking into this first. I believe they must be harsh and clear-headed about themselves."

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