Gwangju City Discusses Measures to Counter Middle East-Stemming Economic Crisis
To mitigate the impact of the Middle East-stemming economic crisis on the local economy, Gwangju City has taken steps to prepare measures for stabilizing citizens' livelihoods. The city, along with its five autonomous districts, held an 'Emergency Economic Response Task Force (TF) Meeting' on April 2nd to intensively discuss specific plans in preparation for economic difficulties.
Gwangju City will expedite the early implementation of a 20 billion KRW special guarantee program, originally planned for the latter half of the year, to alleviate the financial burden on small business owners struggling with high inflation and interest rates. The city will also expand the issuance of discount coupons for its public delivery app to stimulate local consumption.
In response to the Middle East situation, the city has decided to provide swift financial support totaling 13 billion KRW to approximately 1,000 local import/export companies. This includes 10 billion KRW in emergency management stabilization funds and 3 billion KRW in export promotion funds to resolve corporate difficulties.
To strengthen support for vulnerable groups, a 'Vulnerable Group Support Team' has been established within the Emergency Economic Response TF. The city plans to promote livelihood stability by filling welfare gaps through initiatives such as emergency care, the 'Yellow Whistle' support program, and the 'Just Give' food sharing project.
To strictly manage acts that disrupt distribution order due to rising oil and raw material prices, measures will be taken to establish order. These include preventing hoarding of volume-based garbage bags, inspecting oil prices at retailers, and operating a price gouging reporting center.
To overcome the energy crisis, Gwangju City will promote the use of public transportation, including support for using the Gwangju G-Pass linked with the 'Modu Card.' Energy-saving measures will also be implemented, such as expanding the 5-day vehicle restriction for public institutions and operating staggered lighting schedules.