S. KOREA'S FINANCE MINISTER REVEALS PLANS TO COPE WITH ECONOMIC SHOCKS FOLLOWING GSOMIA WITHDRAWAL

South Korea's Finance chief has been holding a press conference to announce the government's economic plan when it comes to negotiations with Japan after the termination of their military-intelligence sharing pact, GSOMIA.
We have our Hong Yoo on the line.
So Hong Yoo, what are the plans?

Well Jiyoon, Finance Minister Hong Nam-ki pledged to actively respond by closely monitoring and improving examinations of the current situation to reduce the negative impact GSOMIA's termination could cause the national economy.
To come up with strategic and meticulous countermeasures to Japan's export curbs and to timely respond to potential market volatility, Hong will hold ministerial-level talks regarding Japan twice a week.
He asked the South Korean people and businesses to unite with confidence instead of feeling overburdened.
The finance minister also talked about next year's government budget bill. How will this be drawn up?
He said the 2020 budget bill will increase by around nine percent on-year to some 422-billion U.S. dollars.
Hong said a lot of things were considered when drawing up the bill such as the active role of finance for an economic response, supporting an increase in vitality and strengthening engagement as well as long-term financial conditions and policy capabilities.
With such a budget for 2020, the national debt level compared to GDP will increase to 39 percent from 37-point-2 percent this year.
The finance ministry will submit the bill proposal to the National Assembly on September 3rd after it goes through a government-ruling party consultation and is discussed by the cabinet next week.
Back to you, Jiyoon.



Source: Arirang News
Copyright Arirang News. All rights reserved, reprinted with permission by Dailymotion
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Japan: Japan idpn is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south. The characters that make up Japan's name mea
- Japan Wikipedia
Minister: Minister may refer to:
Finance: Finance is the science[citation needed] of funds management, or the allocation of assets and liabilities over time under conditions of certainty and uncertainty. A key point in finance is the time value of money, which states that a unit of currency today is worth more than the same unit of currency
September: September is the ninth month of the year in the Julian and Gregorian Calendars and one of four months with a length of 30 days.
South Korean: South Korea , also called the Republic of Korea , is a sovereign state located in the southern part of the Korean Peninsula. The name "Korea" is derived from Goryeo, a dynasty which ruled in the Middle Ages. Its neighbors are China to the west, Japan to the east, and North Korea to the north. South