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Jin Nyum: Consistency, continuity to be maintained

Posted August. 07, 2000 21:21,   


The newly appointed Minister of Finance, Jin-Nyum, asserted that all economic issues, including the Hyundai problem and the amassing of public funds, will be handled with consistency and continuity while adhering to set principles. He further stressed that economic reform would be completed by the end of the year at the earliest, and by the first half of next year at the latest. Minister Jin-Nyum pledged to complete the reform of all 4 sectors during his stay in office. Following is a brief interview.

- How will the Hyundai problem be resolved?

There are certain conditions demanded by Hyundai`s creditor group in order for fresh funds to be provided. Hyundai has to provide a bona fide solution expeditiously for its own sake, for the national economy and for investors. The government will maintain consistency and continuity.

- The need for public funds is increasing.

Public funds are needed not to save financial institutions, but to revive the market economy system.

There is ample liquidity in the market, but an ineffective system is hampering the regular flow of blood to all parts of the body, so to speak. Basically, the government`s responsibility is to clear up the system and ensure everything is operating smoothly. If additional funds are required, we will face the matter head on, with the approval of the National Assembly.

- What are the main issues facing our economy?

We must conclude the reforms of the 4 main sectors: finance, corporate, labor and public. A growth engine befitting the new digital age needs to be properly established. In the short term, work needs to be done on mitigating the unstable elements in the funding market. Credibility needs to be recovered in the market through the transparent execution of policies and an environment where citizens can be optimistic regarding our economy needs to be created.

- There are voices that suggest the present economic team is not reform-minded.

I do not agree with the idea of designating someone stability-oriented or reform-minded. I am a man of principle. Irrespective of how large or small a company is, I will be impartial in applying my principles. If reforms cannot be completed by the first half of next year, all that we have achieved in the last 2 years will have been for nothing and our economy`s future will be very dark.

- How will you promote teamwork?

Policy direction for an issue will be established after earnest discussion, and once a decision is made, execution will be efficient. The economic team and I, being the team leader, will take full responsibility for our policy decisions. We will prevent confusion during the execution phase by adhering to set principles.