"Additional Support for National Financial Burden... Considering Expansion of Corporate Bond and CP Purchases to 10 Trillion Won"

Sung Il-jong, Chairman of the Policy Committee of the People Power Party, is delivering opening remarks at the party-government meeting held at the National Assembly on the 28th to discuss measures to resolve the late-night taxi shortage. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Lee Ji-eun] Following the Bank of Korea's 'big step' of raising the base interest rate by 0.5 percentage points, the ruling party announced that it will soon hold a party-government meeting to prepare additional support measures to alleviate the financial burden on the public.

On the 13th, at an on-site emergency meeting held in Daegu, Seong Il-jong, the Policy Committee Chair of the People Power Party, stated, "Although the financial authorities have increased the capacity to purchase corporate bonds and CP (commercial paper) from the existing 6 trillion won to 8 trillion won, I hope they will consider expanding this further to 10 trillion won."

He added, "With the interest rate hike, the interest rates on corporate bonds for small and medium-sized enterprises (SMEs) are also rising, and the demand for corporate bonds is sharply declining, making it difficult for SMEs to raise funds," emphasizing, "We must take maximum measures to ease the financial bottleneck for SMEs."

Chair Seong said, "Now is the time to review all measures once again and examine all possible options the state can take; if there is anything more that can be supported, we should provide additional support," and added, "We will soon hold a government and party-government consultation meeting to prepare detailed and thorough support measures."

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