South Korea said Friday it has agreed to expand a joint loan facility program with the Inter-American Development Bank (IDB) in a bid to support infrastructure development in Latin America. The finance ministry and the IDB signed a letter of intent to extend the cooperative loan program between the Economic Development Cooperation Fund (EDCF), the country's lower-interest loan scheme with emerging countries, and the regional development bank, according to the Ministry of Economy and Finance. T

The South Korean economy is on a recovery track on robust exports and investment, but domestic demand remains sluggish amid the pandemic, the finance ministry said Friday. But the government did not say in its monthly economic assessment report that economic uncertainty persists. "The Korean economy is seeing an improvement in exports and investment and the country's job losses eased, but domestic demand has slackened amid a resurgence in COVID-19 cases," the Ministry of Economy and

Oil prices are not likely to sharply rise down the road, given oil producing nations' output capacity and rising US bond yields, a senior government official said Friday. First Vice Finance Minister Kim Yong-beom said the government will take actions to stabilize inflation, if needed, amid concerns that an uptrend in oil costs would exert upward pressure on prices amid an economic slowdown. "A rise in oil prices could increase burdens on households and companies. But as the current hike i

South Korea's economy is expected to grow 3.2 percent this year as the start of vaccinations raised hopes of a solid economic recovery from the COVID-19 pandemic, a regional macroeconomic research agency said Thursday. The forecast by the ASEAN+3 Macroeconomic Research Office (AMRO) is slightly higher than the Bank of Korea's outlook of 3 percent growth for this year. The AMRO also expected South Korea's economy to grow 3 percent next year. But the AMRO warned that growth is uneven in some se

An independent committee proposed on Thursday that legislation is needed to better handle and manage spent nuclear fuel as the issue has been a source of controversy over safety. The body under the industry ministry stressed a new law is necessary to proceed with the matter of building storage for spent fuel rods and other waste in a transparent and predictable way. The committee also said South Korea should set up an independent administrative body to monitor the management of waste, while he

Nonperforming loans at South Korean banks inched down last year, due to a slight decline in overdue corporate loans, data showed Thursday. The ratio of bad loans to total lending came to 0.64 percent at the end of last year, down 0.13 percentage point from a year earlier, according to the data by the Financial Supervisory Service. Overdue corporate loans reached 13.9 trillion won ($12.8 billion) at the end of last year, down 1.4 trillion won from a year ago, the data showed. The regulator sai

South Korea's money supply continued to grow in January, as loans to households and firms increased amid the coronavirus pandemic, central bank data showed Thursday. The country's M2 stood at 3,233.4 trillion won ($2.8 trillion) as of end-January, up 1.3 percent from a month earlier, according to preliminary data by the Bank of Korea (BOK). From a year earlier, M2 surged 10.1 percent, the BOK said. A key economic indicator closely monitored by authorities, M2 is a measure of the money supply

South Korea's finance ministry on Thursday said it will closely monitor market volatility, although the US Federal Reserve has hinted at no rate rise in 2023. Vice Finance Minister Kim Yong-beom said market volatility may rise due to rising US bond yields, in spite of the US Fed's dovish stance. The remarks by Kim were made at a meeting with senior officials at the Bank of Korea (BOK). This week, the BOK cut the size of monetary stabilization bond (MSB) issuance in a move to help stabilize th

South Korea's emissions of fine dust from coal power plants moved down 22 percent on-year during the winter season, data showed Thursday, as the country reduced their operations in sync with its efforts to ease dependence on fossil fuel. The combined amount of fine dust generated by local coal plants reached 2.505 tons from December last year to February, compared with 3,225 tons from a year earlier, according to the Ministry of Trade, Industry and Energy. The volume halved from the same three

Hong vows to root out speculative investment by public officials

Finance ministers of South Korea and the US have shared their views on efforts to continue expansionary fiscal policies in reviving virus-battered local economies and supporting underprivileged groups, the ministry said on Wednesday. During a phone call between South Korean Finance Minister Hong Nam-ki and his US counterpart Jane Yellen, the two also agreed to strengthen bilateral economic cooperation in tackling the COVID-19 pandemic and the climate change crisis, officials added. The top e

South Korea's post-pandemic economic recovery depends on the successful rollout of COVID-19 vaccines, and economic growth is likely to be sluggish before herd immunity is achieved, the head of the Bank of Korea (BOK) said Wednesday. "Many people believe that the distribution of vaccines could get us out of a long tunnel of the new coronavirus," BOK Gov. Lee Ju-yeol said at a forum in Seoul. However, Lee said there are "dangerous factors" that threaten solid economic recover

South Korea said Wednesday it plans to release 100,000 tons of reserved rice next month as the long rainy season last year coupled with major typhoons reduced output of the grain. The country plans to release the new batch of rice harvested in 2019 into the market in April, according to the Ministry of Agriculture, Food, and Rural Affairs. South Korea already released 170,000 tons of reserved rice into the market over the first two months of 2021. The move comes in line with the government's

South Korea said Wednesday it plans to expand monitoring on the safety of pet food products as the size of the market has been growing sharply in sync with the rising number of pet owners. Under the plan, South Korea plans to carry out an investigation of 650 pet food products available in the market and ban sales of those with high residue of 73 designated hazardous elements, according to the Ministry of Agriculture, Food and Rural Affairs. The country also plans to revamp its check list of c

South Korea kicked off a virtual trade exhibition for health care businesses Wednesday to beef up the exports of biohealth products amid the new coronavirus pandemic. Around 500 overseas buyers plan to participate in the Global Medical Equipment Plaza Online (GMEP) 2021, which doubled from the previous year's event, according to the Korea Trade-Investment Promotion Agency (KOTRA). The virtual trade meeting will run through March 26. Some 200 South Korean health care companies will join the eve