Key Economic Experts' Meeting

Korea Times (Seoul, Korea), May 27, 2000 | Go to article overview

Key Economic Experts' Meeting


Drawing the public's keen interest is last Thursday's Chong Wa Dae emergency meeting of three key economic officials _ Minister of Economy and Finance Lee Hun-jai, Financial Supervisory Commission (FSC) chief Lee Yong-keun and senior presidential secretary for economic affairs Lee Ki-ho _ to review the current state of the economy and work out coordinated policies to deal with economic problems facing the nation. The meeting is significant as it is expected to help bring back economic entities' confidence, amid reports that the present public uneasiness over the economy is largely attributable to policy disarray mainly among the three key economic officials.

The meeting was held at the Presidential Office following President Kim Dae-jung's strongly-worded instruction during a Cabinet session, held two days before, ordering the Cabinet to clear away all economic worries and head off another economic crisis by the end of next month. The chief executive noted that most people appear tired of state administration.

Emerging from the consultation meeting, FSC chief Lee told the press they did not find there was a crisis or any major cause for pessimism over the economy. But he added that the government would intervene to try to solve any pinch as a result of a distorted financial market in the course of restructuring.

Though we can notice the economic policy planners' sustained will to push ahead with corporate restructuring programs without a hitch, we are unconvinced of the strength of their will to effectively implement restructuring. Public concern is growing over the nation's tight money market following the suspension of trading by two more merchant banks _ Nara and Yongnam _ in addition to the workout of the Saehan Group. …

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