Reform of public institutions cannot be postponed further: Yoon
Updated: 2022-06-22 12:21:05 KST
"Please keep in mind that the goal for all our policies should focus on people's livelihoods."
This is how President Yoon Suk-yeol emphasized the need to address economic difficulties during Tuesday's weekly Cabinet meeting, urging all public servants to work with a "sense of crisis."
And this week's meeting focused on reforming public institutions, where, the President said, there's a need for "intensive" adjustments to spending.
"Reforms of public institutions should no longer be put off. Despite soaring government debt, the number of public institutions and their employees have increased significantly in the last five years. There should be strict evaluations of public institutions and drastic improvements to their lax management."
Yoon added that debts owed by public institutions have shot up during the past five years to 583 trillion won, which is about 450 billion U.S. dollars.
Noting as an example the sharp interest rate hikes by the U.S. Federal Reserve, the President said countries around the world are doing all they can to tackle economic challenges and once again stressed the need for a "private-led" economy and the cutting of red tape.
"Regulatory reform and economic growth arise when we boldly do away with the bad practices of self-seeking cartels and the unfair rent-seeking that's got us by ankles."
On Tuesday, the Cabinet agreed to lower quota tariffs to zero percent on 13 import items where supplies and prices have been unstable, including cooking oil, flour and pork, and to extend the current tax incentives for carbuyers.
"Bracing for what lies ahead, the top office has already activated an emergency economy response system while it'll look into streamlining public institutions so that more money can be saved and used for people in need.
Yoon Jung-min, Arirang News."