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S. Korea to closely monitor beef, pork prices amid soaring demand

Economy 08:58 July 03, 2020

SEJONG, July 3 (Yonhap) -- South Korea will closely monitor prices of beef and pork amid soaring demand, Vice Finance Minister Kim Yong-beom said Friday.

Consumer prices of beef and pork jumped 16.4 percent and 10.5 percent on-year, respectively, in June, according to data released by Statistics Korea.

Demand for beef and pork has risen in the wake of the coronavirus pandemic, Kim told a meeting with senior ministry officials.

The government will "pre-emptively cope with key items that have a possibility of widening fluctuations in prices and supply," Kim said.

Vice Finance Minister Kim Yong-beom speaks at a meeting with senior ministry officials on July 3, 2020, in this photo provided by the ministry. (PHOTO NOT FOR SALE) (Yonhap)

Financial institutions have rolled over 56.8 trillion won (US$47.2 billion) worth of loans to ease the pains of small and medium-sized firms hit by the pandemic, Kim said.

The government will continue to encourage financial institutions to roll over debts owed by small and medium-sized firms, Kim said.

With the National Assembly set to approve a third extra budget this week, the government will swiftly push for plans to support virus-hit firms, Kim said.

Earlier last month, South Korea proposed the extra budget of 35.3 trillion won, the third batch meant to help key industries cushion the economic blow from the pandemic and protect jobs.

kdh@yna.co.kr
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