Joint Briefing by Relevant Ministries on the Results of the 4th Emergency Economic Meeting on the 8th
Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is announcing the main points at a joint briefing by related ministries following the 4th Emergency Economic Meeting held on the 8th at the Government Seoul Office in Gwanghwamun, Seoul.
[Sejong=Asia Economy Reporter Kim Hyunjung] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced that the government will actively participate in the 'Advance Payment Good Consumption Movement' being promoted in the private sector.
On the 8th, at a joint briefing with related ministries following the 4th Emergency Economic Meeting held at the Government Seoul Office in Gwanghwamun, Seoul, Deputy Prime Minister Hong said, "If cash liquidity is provided in advance for future consumption and investment after COVID-19, it will offer practical help like a small relief to small business owners, self-employed individuals, and small and medium enterprises who are currently struggling."
He explained, "The government, as the 'final purchaser' in the public sector, will introduce and implement an advance payment and pre-purchase system, expedite the execution of government and public investments scheduled for the second half of the year, and temporarily relax national contract procedures significantly to create consumption and investment worth 3.3 trillion won + α. Along with this, through providing incentives for good consumption in the private sector, additional tax burden reductions for individual business owners and SMEs, and support for vulnerable borrowers' recovery, totaling 14.4 trillion won + α, we plan to actively strengthen the private sector's domestic demand base."
Regarding the meeting's content, he stated, "There was also discussion on support measures for vulnerable borrowers' recovery, including the purchase of delinquent bonds of affected small business owners up to 2 trillion won." He added, "We will promptly finalize the details and have the related ministries make a separate announcement within this week." Furthermore, he said, "Since the current support is insufficient for self-employed individuals, small business owners, companies, and citizens to endure the 'critical valley' of several months and stand back up, the government is preparing additional measures and will continue to devise further plans." He added, "We will also make every effort to ensure the smooth promotion and execution of the 17.7 trillion won domestic demand supplement package prepared today."
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