President Stresses Quality of Life for Ordinary People

By Na Jeong-ju
Staff Reporter

President Lee Myung-bak called for greater efforts to stabilize the livelihoods of ordinary citizens, Monday, saying many of them are still experiencing economic hardships despite a recovery.

"Firms are now feeling some positive changes from the recovery, but ordinary people are in a different situation," Lee said. "I expect them to start to feel the changes late next year. Until then, the administration should take greater care of them."

Lee made the remarks during a joint policy briefing by the Ministry for Health, Welfare and Family Affairs, the Ministry of Labor, the Ministry of Gender Equality and the Ministry of Patriots and Veterans Affairs. The meeting took place at Seoul Women's Plaza.

The report largely focused on welfare policies and measures aimed at addressing the rising youth unemployment rate.

It was the first of seven joint briefings by ministries and government agencies that will run through the end of this month, Cheong Wa Dae said.

"The government has helped people by implementing active expansionary programs from the very start of this year. But we should not be complacent. Economic conditions improved just a little this year," Lee said.

In a pre-recorded address to the nation, broadcast Monday morning through KBS1 Radio and YouTube, the CEO-turned-President said the government would strengthen microcredit banking services for the poor in close cooperation with private firms.

The "microloans" will not only help businesses fulfill their social responsibilities but also help improve people's quality of life, he said.

"These are small loans, but for those who need them, the money is as precious as rain at the end of a drought," Lee said.

Lee also suggested that microloan recipients would prove trustworthy.

"In my experience, people who borrow 5 billion won often fail to pay back, but people who borrow 500,000 won or 5 million won rarely fail to do so, though they may be little late," he said.

Samsung Group will launch its own microcredit foundation today, becoming the first conglomerate to open such an institution.

Hyundai Motor, SK, LG and POSCO will follow suit soon, according to the presidential office.

Starting next year, people with low-credit ratings will be able to borrow money from the microcredit banks, which will be run on funds contributed by conglomerates and financial firms.

jj@koreatimes.co.kr

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