Hong Nam-ki "Preparing to Supply Low-Interest Loans for Non-Compensated Sectors in November"

At the Expanded Ministry of Economy and Finance Meeting on the 26th

"Be Ready to Respond Quickly to Semiconductor and Trade Issues During Overseas Business Trip from Oct 28 to Nov 4"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, presides over the expanded executive meeting of the Ministry of Economy and Finance and delivers opening remarks on the afternoon of the 26th at the Government Complex Sejong. (Photo by Ministry of Economy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, instructed Ministry of Economy and Finance staff on the 26th to "prepare tailored measures such as providing additional low-interest loans to small business sectors not eligible for loss compensation and supporting sales recovery, and to be ready to implement them by next month."

On the 26th at 3 p.m., Hong held an expanded executive meeting at the Government Complex Sejong and urged the staff with these points. During the meeting, Hong gave instructions and requests including ▲visualizing concrete policies for livelihood economy recovery and fourth-quarter economic rebound ▲thorough inspection related to small business loss compensation applications ▲handling current issues during the Deputy Prime Minister’s business trip from the 28th to the 4th of next month ▲responding to the National Assembly Budget and Accounts Committee and legislative discussions.

He conveyed the message that since the 'gradual daily recovery (With Corona)' policy will be promoted from next month, concrete policies for livelihood economy recovery and fourth-quarter economic rebound should be visualized and promoted. To this end, he ordered to find consumption stimulation measures, carry out the payment of the Win-Win Consumption Support Fund (card cashback) scheduled for the 15th of next month without delay, discover private investments, and minimize fiscal underutilization to maximize support for growth engines.

Furthermore, as online applications and payments for loss compensation targeting about 800,000 small business owners will begin from the 27th, he instructed interdepartmental cooperation for prompt support. Hong Nam-ki emphasized, "For sectors not eligible for compensation, prepare tailored measures such as additional low-interest loans considering sector characteristics and demand, and support for sales recovery, and be ready to implement them by next month."

In addition, ▲if urgent issues such as semiconductor and trade arise during the Deputy Prime Minister’s absence, respond promptly through emergency video meetings without delay ▲and prepare thoroughly for the National Assembly Budget Committee’s review of next year’s budget and key legislative bills immediately after the Deputy Prime Minister’s return.