Park Wanju, Chair of Policy Committee, Suggests 'Loan Extension' for Small Business Owners

Park Wan-joo, Chairman of the Policy Committee of the Democratic Party of Korea, is attending the floor strategy meeting held at the National Assembly on the 3rd and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Koo Chae-eun] On the 3rd, Park Wan-joo, the Policy Committee Chair of the Democratic Party of Korea, hinted at considering loan extensions as additional support measures for small business owners and self-employed individuals. Chair Park explained, "The voices from the field say that loan extensions are more urgent than supplementary budget support funds," adding, "We have already ordered to prepare measures as soon as possible."

At a press briefing that day, Chair Park said, "If necessary, we are discussing whether such measures can be considered," and added, "My basic stance is that extensions should be made, but party-government consultations have not yet taken place."

He reaffirmed the party leadership's position that the Korea-U.S. joint military exercises should proceed as planned. When asked, "Is the party's official stance that the Korea-U.S. joint military exercises should be conducted as scheduled?" he replied, "Yes." Chair Park explained, "There are some minority or personal opinions within the party, but this is not an issue for a party caucus meeting," and added, "The party leader stated the principle that it is right to conduct the Korea-U.S. joint military exercises within a broad framework, and that is the party's position."

Regarding the controversy over the Media Arbitration Act, he said, "It is about punitive damages for fake news or clear falsehoods, distortions, and fabrications," and emphasized, "It is not intended to pressure media companies that pursue normal freedom of expression and the right to know."

On the dispute surrounding the Democratic Research Institute, the party's think tank, including 'Basic Living Income' in the core presidential election pledges, he dismissed it by saying, "I don't really understand why that is a matter of debate." Chair Park stated, "Over the past year, welfare experts have been discussing this in the party's 2030 Committee," and added, "It is neither an official policy pledge nor a completed matter, so the party leadership's comments about fairness or unfairness are unnecessary disputes."

Regarding Gyeonggi Province Governor and presidential candidate Lee Jae-myung's consideration of 'disaster relief funds for all Gyeonggi residents,' he said, "There are relationships with the 17 metropolitan cities and provinces, and a wise decision will be made," adding, "There are pros and cons within Gyeonggi Province, so we need to observe the situation."