The government aims to release public urea and urea solution reserves late this month to respond proactively to supply shortages caused by the Middle Eastern crisis, the finance minister said Friday.
Finance Minister Koo Yun-cheol shared such a plan at an emergency economic meeting held virtually with officials from ministries related to the Mideast crisis response, according to the Ministry of Finance and Economy. Koo is currently in Washington to attend meetings of the Group of 20 finance ministers and central bank governors.
Koo said the government will "proactively" respond to supply chain disruptions until the war between the United States and Iran ends, stressing that the Middle Eastern war currently stands as the biggest risk factor for the global economy.
"Until the end of the war becomes clear, we will firmly maintain an emergency economic response system and actively address supply chain issues and difficulties in people's livelihoods," he added.
Koo also instructed related ministries to swiftly execute the extra budget recently passed through the National Assembly for the Mideast crisis response, including a 6.1 trillion-won ($4.12 billion) cash assistance program to help the bottom 70 percent of income earners ease the burden of rising oil prices, according to his office. (Yonhap)
