Prime Minister Kim Min-seok Vows Rigorous Review of Real Estate Loan Regulations Amid Inflation Battle

At his first State Affairs Ministerial Meeting under the Lee Jae-myung administration, Prime Minister Kim Min-seok on July 10 emphasized the government's commitment to thoroughly monitoring both the implementation of real estate loan regulations and the effectiveness of support measures for housing stability, particularly for ordinary citizens.

Prime Minister Kim assessed that rising real estate and rental prices in parts of the greater Seoul area have reached a level that threatens residents' housing security. He stated that the government is considering and will advance measures to widen eligibility for housing benefits, aiming to provide more effective support to those at risk.

Kim also put a spotlight on the increase in jeonse rental fraud, which is disproportionately affecting people in their twenties and thirties. He pledged that ongoing government scrutiny and countermeasures would remain a priority.

Citing Bank of Korea data showing a 19% increase in the cost of living over the past four years, Kim underscored the urgent need for price stability at the national level. He declared the government's intention to mobilize all available policy tools to curb inflation, with a particular focus on reinforcing safety nets for food supply. This includes strategies such as pre-purchase contracts for agricultural goods to stabilize prices and maintain sufficient supply.

Highlighting the impact of volatility in international oil markets, Kim noted that the government would continue to monitor global developments closely and respond as necessary to safeguard Korea's energy security.

The Prime Minister also addressed the growing threat posed by extreme heat and related incidents, designating on-site worker safety as a national issue. He referenced the principle of “20 minutes rest after two hours of labor,” vowing to advocate for its adoption across industry sectors and to enhance voluntary compliance through ongoing dialogue with worker and business organizations.

Anticipating unprecedented summer electricity demand, the government has declared a two-month period for power supply response measures, including the stockpiling of reserve resources and the activation of an integrated situation room. Kim assured the public that robust contingency plans are in place to ensure a stable power supply even during peak periods.

Note “This article was translated from the original Korean version using AI assistance, and subsequently edited by a native-speaking journalist.”

Photo=Yonhap News