Handonghun "Additional 150 Billion Won Emergency Price Stabilization Fund for Agricultural and Livestock Products"

Effective Immediately from Next Monday

[Image source=Yonhap News]

The government and the People Power Party have decided to inject an additional 150 billion won in emergency price stabilization funds starting next week to prepare for the recent surge in agricultural and livestock product prices.

Han Dong-hoon, the Emergency Response Committee Chairman of the People Power Party, held a meeting with merchants in Suncheon, Jeollanam-do on the 15th and stated, "The People Power Party consulted with the government last night and agreed to inject an additional 150 billion won in emergency price stabilization funds starting next week to address the recent rise in agricultural and livestock product prices."

Chairman Han explained, "Support for wholesale prices of agricultural products will be expanded from the current 13 items such as tangerines and apples to 21 items including pears and grapes," adding, "The support price will also be increased up to 4,000 won per kilogram." He continued, "Additionally, the budget for discounts of about 10,000 to 20,000 won when consumers purchase from approximately 16,000 nationwide distribution outlets such as large supermarkets will be significantly expanded."

Discount events of 30-50% for livestock products such as Korean beef (Hanwoo), pork (Handon), and eggs will also be expanded: Hanwoo events will increase from 15 to 25 times annually, and Handon events from 6 to 10 times annually.

Chairman Han emphasized, "We have agreed with the government to implement these measures immediately starting next Monday," and added, "Because we are the government and the ruling party, we have the advantage of being able to accelerate consultations." He also said, "We are continuously considering policies to control prices," and "We will implement them step-by-step as they are prepared."