Vice Minister Ki: "Daily Monitoring of Supply and Price Trends for Major Products in Their 20s Before Chuseok"

Bang Gi-seon, the 1st Vice Minister of the Ministry of Economy and Finance, is presiding over the '6th Emergency Economic Vice Ministers' Meeting' and delivering opening remarks at the Government Seoul Office Building on the 19th. (Photo by Ministry of Economy and Finance)

[Asia Economy Sejong=Reporter Son Seonhee] The government has decided to monitor the supply and price trends of 20 major essential goods daily until before Chuseok. Amid the steep rise in inflation, if demand temporarily increases ahead of the holiday, additional reserve stocks will be released to manage supply and demand.

On the morning of the 19th, Bang Gi-seon, First Vice Minister of the Ministry of Economy and Finance, chaired the '6th Emergency Economic Vice Ministers' Meeting' at the Government Seoul Office and said, "We will operate a joint task force with related agencies to stabilize the supply of essential goods, monitor the supply and price trends of 20 major essential goods daily, and respond immediately by releasing additional reserve stocks if any abnormal signs are detected."

In this regard, discount events for agricultural, livestock, and marine products are underway at large supermarkets nationwide starting this week. Vice Minister Bang said, "We will do our best to ensure that the public can feel the price reduction effects through the largest-ever 65 billion won discount coupon support and distribution industry’s own discounts."

During the meeting, the government reviewed the progress of the 'Chuseok Livelihood Stabilization Measures' announced last week. Vice Minister Bang stated, "We plan to complete the payment process by today for about 50,000 households newly qualified for the emergency living support fund," and added, "The emergency employment stabilization fund for special types of workers and freelancers is also under review for 200,000 new applicants, aiming for payment by the end of August."

He also said, "We are preparing to pay the earned income and child tax credits worth 2.8 trillion won by August 26, ahead of the legal deadline at the end of September," and added, "Other tasks such as freezing interest rates on housing loans for low-income households (Didimdol) and early payment of national tax refunds will also be carried out without any setbacks."

Meanwhile, regarding the agenda on 'Overseas Construction Orders Trends and Response Directions,' Vice Minister Bang said, "Although the conditions for overseas orders are challenging due to COVID-19 and global economic uncertainties, recently, opportunities have emerged such as the expected increase in orders from Middle Eastern oil-producing countries." He added, "Companies, government, and public institutions will work as one team to quickly grasp project order trends in promising regions and strengthen order activities using various channels." He also said, "We will increase support in the eco-friendly sector where demand is expected to expand in the future, and focus on strengthening order capabilities through workforce training and financial support."

In this regard, the government plans to announce a joint 'Overseas Construction Order Activation Plan' with related ministries soon.