Vice Minister Ki Jae: "Additional Egg Imports in May... Doing Our Best for Early Stabilization of Prices for Ordinary People"

9th Vice Ministers' Meeting on Price Issues

Lee Eok-won, First Vice Minister of the Ministry of Economy and Finance, is presiding over the 13th Innovation Growth Strategy Review Meeting, Policy Review Meeting, Korean New Deal Review Task Force, and the 9th Vice Ministers' Meeting on Price Relations held at the Government Seoul Office on the 9th.
[Photo by Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] The government announced that it will focus its policy efforts on managing prices for ordinary citizens, including additional egg imports in May. As concerns about excessive price increases due to expected inflation have been continuously raised amid forecasts of global economic recovery this year, the government has launched a "close price management" initiative.

Lee Eok-won, First Vice Minister of the Ministry of Economy and Finance, held the 9th Vice Ministerial Meeting on Prices at the Government Complex Seoul this morning and stated, "We will thoroughly monitor the implementation status to ensure that egg imports in April proceed as announced, and immediately begin planning to enable the import of necessary quantities in May to achieve early price stabilization." The government plans to import 25 million+α eggs in April and is expected to pursue additional imports for the fifth quarter.

Vice Minister Lee also said, "We will focus on on-site inspections of restocking procedures to quickly normalize the number of laying hens reduced by avian influenza (AI), and promptly complete compensation payments for culling to stabilize supply and demand early. We will also actively manage other major items such as rice, green onions, onions, and cabbage through timely releases and strengthened monitoring at production sites to ensure early stabilization of prices for ordinary citizens," he added.

Today's meeting was held concurrently with the 13th Innovation Growth Strategy Review Meeting, Policy Review Meeting, and Korea New Deal Review Meeting, in addition to price issues.

Vice Minister Lee emphasized, "As the momentum of global economic recovery gradually strengthens, expectations for the speed and slope of our economy's recovery are also increasing. Since our economy, which is highly dependent on external factors, is likely to be one of the biggest beneficiaries of the global economic recovery centered on exports and investment, we must utilize this to firmly establish a full-fledged upturn." He expressed optimism, saying, "Considering the recent improvement trends in indicators, it is expected that the domestic gross domestic product (GDP) will recover to pre-COVID-19 crisis levels in the first half of this year on a quarterly basis."

However, Vice Minister Lee cautioned, "At this time, pre-inspection and proactive response are necessary so that concerns about price increases triggered by visible recovery expectations do not restrict the macroeconomic recovery rebound or become a burden on ordinary citizens' livelihoods at the micro level." He urged, "We must carefully review the execution performance and plans of the employment safety net so that vulnerable workers affected by the COVID-19 crisis can endure the crisis and participate in the economic recovery process together."