Finance Minister Hong Nam-ki said the government is looking into lowering fuel taxes to help the public after a surge in international crude prices. Between November 2018 and May 2019, the government temporarily cut fuel taxes 15 percent.
Former Finance Minister Kim Dong-yeon officially announced Wednesday he will run as an independent candidate in the presidential election next March, comparing his campaign to a "political start-up."
Finance Minister Hong Nam-ki said the government will decide next month whether to extend financial aid to small businesses, including suspensions of loan payments.
Finance Minister Hong Nam-ki, right, and International Monetary Fund Managing Director Kristalina Georgieva exchange a fist bump before holding talks in Venice, Italy on July 10.
The governmen targets 1,000 suppliers of parts for the cars of the future by 2030. It also hopes Korea can become one of the top five developers of new types of drugs in the world.
Under the third of three tenet protection laws passed last year, details about all rental or jeonse deals above a certain won amount will have to be registered, raising the possibility that the tax authorities could use it find hidden income.
President Moon Jae-in on Tuesday appointed new economic aides in a reshuffle triggered by an abrupt sacking of his policy czar over an ethical problem.
The Democratic Party and the government are currently in negotiations over the fifth supplementary budget since the Covid-19 outbreak. The plan is to reach an agreement this week so that it could be turned over to the National Assembly next month.
Korean Finance Minister Hong Nam-ki. left, talks with Andreas Bauer, an International Monetary Fund official in charge of Korea, in a teleconference on Thursday.
Korea will closely monitor a potential increase in volatility of the financial markets as the yield spread between short- and long-term state bonds is increasing, the vice finance minister said Tuesday.