Ministry of Oceans and Fisheries Allocates 1.24 Billion KRW in Emergency Management Stabilization Funds for Fishers Affected by COVID-19

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] The Ministry of Oceans and Fisheries announced on the 17th that it has allocated 1.24 billion KRW in emergency management stabilization funds to the Suhyup Bank to support nearshore set net fishers affected by the novel coronavirus disease (COVID-19).

Nearshore set net fishers are facing difficulties securing crew members as the return of some Chinese crew members, who had gone back to China for the Lunar New Year, has been delayed due to the COVID-19 situation. Since hiring domestic crew members involves bearing high labor costs, many fishers are giving up fishing altogether.

Accordingly, the Ministry of Oceans and Fisheries decided to provide emergency management stabilization funds to alleviate the management burdens of nearshore set net fishers suffering damage. In addition, together with the National Federation of Fisheries Cooperatives, they plan to conduct a full survey of damages to fishers other than nearshore set net fishers and prepare additional support measures.

The support targets nearshore set net fishers authorized by local governments in regions confirmed to be affected by COVID-19 (Gunsan, Mokpo, Yeosu). Loans of up to 20 million KRW per vessel are available. Borrowers can choose between a fixed interest rate (1.8%) and a variable interest rate (1.25% as of February 2020). To apply for the loan, applicants must visit a Suhyup Bank branch and submit relevant supporting documents by April 17. The loan period is one year.

Kwon Jun-young, Director of Fisheries Policy at the Ministry of Oceans and Fisheries, said, "We hope that the emergency management stabilization funds will help nearshore set net fishers affected by COVID-19 overcome their difficulties," and added, "We plan to promptly implement additional support measures once the damage survey for fishers other than nearshore set net fishers is completed."