Koo Yunchol: "Considering Declaration of Special Disaster Zones for Geoje, Tongyeong Hit by Heavy Rains"

Pursuing Measures to Stabilize Livelihoods
Ninth Maximum Oil Price to Be Announced Tomorrow Evening

Koo Yoon-chul, Deputy Prime Minister and Minister of Strategy and Finance, delivers opening remarks at the "Emergency Economic Headquarters Meeting, Economic Related Ministers Meeting, and Special Management Task Force on Living Expenses" held on the 20th at the Government Seoul Office in Jongno-gu, Seoul. Ministry of Strategy and Finance

Koo Yoon-chul, Deputy Prime Minister and Minister of Strategy and Finance, announced that the government is considering designating areas such as Geoje and Tongyeong in South Gyeongsang Province, which suffered severe damage from the heavy rainfall, as special disaster zones.

On the morning of the 20th, Deputy Prime Minister Koo presided over a joint Emergency Economic Headquarters Meeting, Economic Related Ministers Meeting, and Special Management Task Force on Living Expenses at the Government Seoul Office. He stated, "We will mobilize all possible means to support the swift recovery of daily life for residents in the affected regions."

He added that, in order to alleviate the burden of rising prices caused by heatwaves and heavy rainfall, the government will advance comprehensive measures for public livelihood stabilization through inter-ministerial cooperation, and will respond systematically to issues such as unfair trade practices by monopolistic platforms, collusion, and various forms of consumer deception.

Deputy Prime Minister Koo assessed the recent economic situation, noting, "Reflecting the continued growth in exports, major institutions are raising their outlook for our economic growth this year to the 3 percent range. The ratio of short-term external debt to foreign exchange reserves has been stably maintained in the low 40 percent range, and the CDS premium has actually declined compared to before the Middle East war, indicating that external soundness remains robust."

However, he also cautioned, "Uncertainties surrounding the Middle East war are increasing again, as the 60-day Memorandum of Understanding negotiation period between the United States and Iran has expired." He continued, "The government will thoroughly review the emergency response measures taken so far and adjust them flexibly according to changes in the situation, making every effort to ensure energy and supply chain stability."

The government plans to determine the ninth maximum oil price, which will be applied from midnight on the 22nd, after comprehensively considering the recent rise in international oil prices and public cost burdens, and will announce this decision at 7 p.m. on the 21st.

The Ministry of Strategy and Finance also reported that, in line with this week’s Ulchi exercise, which checks the national emergency response system, the government conducted a "wartime Economic Related Ministers Meeting" simulation during the meeting, assuming a hypothetical national emergency, to check overall preparedness.

This content was produced with the assistance of AI translation services.