[Asia Economy Reporter Lee Ji-eun] President Moon Jae-in expressed concern over the delay in the recovery of the livelihood economy due to strengthened COVID-19 quarantine measures and urged the expansion of employment retention support and policy-based financial support for low-income citizens.
On the afternoon of the 29th, President Moon presided over the 'Livelihood Economy Ministers' Meeting' at the Blue House and stated, "As the fourth wave, which began in the metropolitan area, spreads nationwide, I am very worried that the recovery of the livelihood economy may also be delayed."
President Moon said, "The more difficulties private economic activities face due to the quarantine situation, the more the government must serve as a pillar of support for people's livelihoods through active fiscal management," and instructed that the supplementary budget (추경) be prioritized for damage support to small business owners and be executed swiftly.
In particular, regarding the Small Business Owners and Vulnerable Groups Loss Compensation Act, he said, "Please make thorough preparations, including the formation of the Compensation Deliberation Committee, so that swift and smooth compensation can be provided as soon as it is implemented in October," and added, "The Hope Recovery Fund, which supports damages incurred before the institutionalization of loss compensation, should also be established without fail to enable the fastest possible payment by the start date of next month, the 17th."
President Moon also emphasized, "Jobs are the core of the livelihood economy," and said, "Employment retention support should be further expanded, focusing on COVID-19 vulnerable industries such as travel and tourism." In this regard, he urged the steady progress of job support projects targeting youth, women, and the elderly. He also emphasized strengthening the social safety net, including the nationwide employment insurance system.
He also instructed the expansion of policy-based financial support for low-income citizens. President Moon said, "Please enhance financial accessibility through new policy-based financial products that can be utilized by citizens with low credit ratings and low incomes," and instructed, "Increase the utilization of the debt adjustment system through the Credit Recovery Committee, and prepare support measures for credit recovery for borrowers who have temporarily delayed payments but have since fully repaid their overdue debts faithfully."
He also urged price control ahead of Chuseok. President Moon said, "Focus intensive efforts on stabilizing living prices, especially for items that hold a high proportion in citizens' daily lives, including agricultural, livestock, and fishery products," and urged, "Take preemptive measures by expanding the supply of essential goods early to prevent a sharp rise in Chuseok prices."
President Moon said, "We have overcome three waves and created a global model case in quarantine and economy," and added, "If we quickly suppress the fourth wave as we have done so far, we will be able to achieve growth targets and further kindle the spark of livelihood recovery."
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