Finance Minister Nominee Voices Need for Expansive Fiscal Policy

The new deputy prime minister and finance minister nominee says he feels a sense of heavy responsibility amid a time of various economic uncertainties.

Financial Services Chairman Yim Jong-yong made the remark to reporters on Wednesday shortly after President Park Geun-hye named him, along with others, under a Cabinet reshuffle.

Yim stressed the need for an expansive fiscal policy while also warning that he will not tolerate real estate speculation.

On easing the loan-to-value ratio and the debt-to-income ratio, Yim said it was possible to select such policies given the economic conditions back in August of last year when real estate market was not stable.

Yim vowed to thoroughly respond to risk factors for the economy, saying he regards current economic conditions both at home and abroad as being at crisis levels.

He also pledged to keep a close eye on growing household debt, which he called the largest risk factor for the nation's economy, and vowed to readjust corporate debt via restructuring.

Source: KBS World Radio