Ministry of Economy and Finance Expanded Executive Meeting
Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, is speaking at an expanded executive meeting held via video conference between Sejong and Seoul at the Government Complex Sejong on the 22nd. February 22, 2021. [Image source=Yonhap News]
[Asia Economy Reporter Son Sun-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, instructed on the 22nd, "Prepare meticulously to submit the first supplementary budget bill, mainly focused on COVID-19 damage support, employment measures, and quarantine support, to the National Assembly next week."
At 11 a.m. that day, Hong presided over an expanded executive meeting held via video connection between the Government Sejong Complex and the Government Seoul Office. The Ministry of Economy and Finance stated that he said, "Even if it is not necessarily a supplementary budget, since the main budget of 558 trillion won already includes many pre-existing budgets and fund projects related to damage support, please carefully review the existing budget support packages to be executed in conjunction with this supplementary budget." Attending the biweekly expanded executive meeting were Deputy Prime Minister Hong, First Vice Minister Kim Yong-beom, and Second Vice Minister Ahn Il-hwan, among others.
Regarding the recent rise in prices due to the spread of avian influenza (AI) and poor crop yields, which has exacerbated difficulties for the public, Hong urged, "Together with relevant agencies, directly inspect the price levels on-site and maintain a daily reporting system," and added, "Especially, continue to consider necessary measures such as releasing reserves and expanding imports until prices for ordinary citizens stabilize."
Furthermore, despite difficulties in domestic demand due to the COVID-19 aftermath, with economic recovery continuing centered on investment and exports, he emphasized, "Actively work to resolve on-site difficulties faced by companies and industries, such as supply disruptions of automotive semiconductors and delays in permits for production and logistics facility investments," and stressed, "Make every effort to pass key bills in the National Assembly, including real estate policy bills, New Deal-related legislation, multiple voting rights bills, and the Basic Act on Service Development."
Meanwhile, before the meeting, Hong encouraged Ministry of Economy and Finance staff by saying, "Due to the nature of the Ministry's work, there is no such thing as important or unimportant tasks, heavy or light work," and added, "I hope all employees work with pride and passion regardless of their position or task." He continued, "Above all, when related departments and bureaus work closely together, policies can be completed and effective," and added, "In administration, those who work hard are more likely to break plates, but do not fear breaking plates and actively engage in proactive administration."
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