Hong Nam-ki "Supporting New Government Launch... Special Efforts for Price, Real Estate, and External Financial Stability"

Expanded Executive Meeting

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is presiding over the expanded executive meeting of the Ministry of Economy and Finance at the Government Complex Sejong on the 14th. March 14, 2022.
[Photo by Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, said on the 14th, "Preparations for the launch of the new government have begun," and urged, "Please make special efforts to stabilize the three major issues: price stability, real estate stability, and external financial stability."

On the same day, Deputy Prime Minister Hong held an expanded executive meeting at the Government Complex Sejong with key officials from the Ministry of Strategy and Finance, saying, "Let's properly organize, review, respond to, and support policies to be finalized, policies to be continuously pursued, and policies to be newly prepared." In particular, he emphasized, "Regarding external finance, complex risk factors such as market instability related to Russia and the U.S. Federal Open Market Committee (FOMC) are expected this week," and added, "We will respond promptly as needed to prevent excessive volatility in the foreign exchange market and others."

Deputy Prime Minister Hong stated, "The shock and impact of the Ukraine crisis and sanctions against Russia are increasing and intensifying," and urged, "It is necessary to more specifically identify difficulties and cases on the ground, such as corporate information sharing, supply of raw materials including crude oil, inflationary pressures, trade settlement difficulties, and capital inflows and outflows, and to further specify countermeasures for swift support." In this regard, economic ministers will gather at the Economic Central Disaster and Safety Countermeasure Headquarters meeting on the 17th for a comprehensive review.

Regarding the recent wildfires in the Uljin-Samcheok area, Deputy Prime Minister Hong ordered, "Ensure there is no negligence in national treasury support for temporary housing measures for affected residents and disaster recovery plans for the damaged areas," and added, "Especially considering the difficult situation of the affected residents, please focus on swift support through rapid consultation with related ministries."

Deputy Prime Minister Hong expressed gratitude and encouragement to all Ministry of Strategy and Finance employees who quietly work hard to respond to ongoing economic issues, saying, "As the old saying goes, 'When traveling a hundred li, even at ninety li, consider that you have only reached halfway (半九十里),' please make your best efforts to finish without faltering until the end."