The Korea Times
A new policy consultation council of the country's top finance officials kicked off Wednesday in a bid to bolster cooperation among economy-related authorities in devising macroeconomic policies amid heightening global uncertainties, government officials said. The trilateral council, comprising Finance Minister Koo Yun-cheol, Budget Minister Park Hong-keun and Financial Services Commission Chairman Lee Eog-weon, held its inaugural meeting and discussed possible responses to geopolitical turmoil in the Middle East as its first item, according to the officials. The council has been established to help authorities find an optimal policy mix and create a close coordination system amid rapid shifts in macroeconomic conditions surrounding Korea, the officials said. In Wednesday's meeting, the finance chiefs agreed that swift parliamentary approval and execution of a 26.2 trillion-won ($17.4 billion) supplementary budget, proposed Tuesday by the government, are needed to minimize the impact of the Iran war on the Korean economy and financial markets, as well as the livelihoods of vulnerable ho
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