SEOUL– President Moon Jae-in told South Korea’s new top financial regulator Monday to make thorough preparations to help people with delinquent debts that are attributable to the COVID-19 crisis.
The president was giving a letter of appointment to Koh Seung-beom, head of the Financial Service Commission (FSC), during a Cheong Wa Dae ceremony.
“In the COVID-19 situation, the role of finance is as big as that of a fiscal policy, like the provision of disaster relief funds. The role of the FSC is that important,” Moon said.
In particular, he pointed out, there are more than two million South Koreans who are eligible for a credit rehabilitation program. Moon earlier instructed the government to help delinquent borrowers restore their credit if they have faithfully repaid debts linked with damage from the pandemic.
He told Koh to thoroughly gear up for the implementation of the program to ensure that all those eligible will benefit from it.
Moon also bestowed certificates of appointment on Lee Seok-hyun, vice chairman of the presidential National Unification Advisory Council, Song Doo-hwan, chairman of the National Human Rights Commission of Korea, and Park Chong-soo, chairman of the Presidential Committee on Northern Economic Cooperation.
Source: Yonhap News Agency