President Lee Jae-myung said on the 26th, "The new government will extinguish long-term arrears of 1.13 million vulnerable borrowers who have no capacity to repay their debts."

On the 26th, in the morning, merchants at Inwang Market in Seodaemun-gu, Seoul, are watching President Lee Jae-myung's administrative speech regarding the supplementary budget at the National Assembly. /Courtesy of News1

On this day, President Lee noted during a parliamentary address to explain the supplementary budget bill that, "We intend to resolve debts under 50 million won that have been in arrears for more than seven years, allowing individuals who have virtually lost their repayment capacity due to insolvency to return to productive economic activities."

The President stated, "For small business owners who are diligently repaying, we will extend the partitioning period and additionally reduce interest. We will also increase the support funds for bankrupt small business owners to aid their recovery."

※ This article has been translated by AI. Share your feedback here.