Choi pledges economic reforms

South Korea’s finance minister on Friday urged policymakers to stay firmly on course to implement sweeping reforms to lay the foundation for the country’s sustainable growth and prosperity.

In a meeting with ministry staff to mark the start of the new year, Choi Kyung-hwan said the early passage of this year’s budget, an agreement by lawmakers to reform the government employee pension program and the absence of major elections provide positive conditions to push for meaningful change.

“The new year is favorable to implementing much-needed change,” the country’s top economic policymaker said, adding that all that remains is for the government to diligently follow the 2015 economic policy plan announced last month. The plan covers adjustments in taxation, the real estate market and business investments plus budget front-loading, assisting the self-employed and helping women find jobs.

Choi said unless there is change, there can be no new jobs, growth or better welfare coverage.

“The government may be criticized, yet it has no choice other than to move forward,” he argued, pointing out that in the past policymakers had skirted tackling difficult issues and allowed them to remain a burden.

Going into details he said the government will try to raise efficiency in the management and distribution of money and human resources that are vital for the economy through labor market, education and financial reforms.

He emphasized that efforts must be made to pre-empt risks before they get out of control in such areas as household debt, corporate sector reform and the sudden outflow of capital.

The minister, who doubles as deputy prime minister, said that if the state policies bear fruit, there is a good chance that private spending and investments will get a boost. (Yonhap)