Korea’s microfinance policies receive positive coverage by foreign media

 Korea’s microfinance policies receive positive coverage by foreign media

 On July 21, Japan’s nationally televised TV Tokyo aired an exclusive coverage on Korea’s microfinance policies in its ‘Global Watch’ section of the news.

 It showed President Lee Myungbak visiting traditional markets and listening to hardships faced by street merchants amid a global economic downturn. It went on to introduce a number of initiatives the Korean government has taken to ease the burden on the financially under-privileged households and individuals.

One of government’s measures introduced was the low-interest credit loans given out to low-paid, low-credit laborers for assistance in their daily needs, a program that really helps families struggling to make ends meet.

Photo by KAMCOAnother was the debt restructuring program provided to people who failed to repay their debts. It is designed to help the individuals recover their credit through a calculated debt restructuring process that allows them to repay their debt in a much longer period with less interest. Both of these measures are currently utilized to the fullest.

The coverage ended with a noticeable comment that “Japan must implement more of the similar policies done by Korea”.

 Another positive coverage was on China Economic Daily’, a leading economic paper in China. Its July 8’s paper printed the article, “The Korean government’s efforts in improving credit for low-income households”.

In it, much of Korea’s microfinance policies were explained in detail including the above mentioned programs along with the loan transfer program, replacing a high-interest loan with low-interest loan, and the New Hope Network, one that works to raise public awareness of all these assistance programs done by the government.

The article said the measures are effective in their purpose and they are important public safety nets which will ultimately help the economy recover from the crisis.

 

 

Advertisements

About FSC Korea
The Financial Services Commission has been established for the purpose of protecting the integration of Korea’s financial markets by promoting sound credit system and fair business practices. To this end, the FSC serves as a consolidated policy making body for all matters pertaining to supervision of the financial industry as a whole. To raise the efficiency, the posts of the FSC Chairman and the FSS Governor were separated on March 2008 for clear distinction between policy-making and execution of financial market supervision

12 Responses to Korea’s microfinance policies receive positive coverage by foreign media

  1. Cool site, love the info.

  2. I’m so glad I found this site…Keep up the good work

  3. Excellent site, keep up the good work

  4. Great site…keep up the good work.

  5. Hey good stuff…keep up the good work! 🙂

  6. Cool site, love the info. I do a lot of research online on a daily basis and for the most part, people lack substance but, I just wanted to make a quick comment to say I’m glad I found your blog. Thanks,

    A definite great read…

    -Bill-Bartmann

  7. grigmacaw says:

    I highly enjoyed reading your article, keep on creating such interesting stuff!!

  8. I don’t usually reply to posts but I will in this case, great info…I will add a backlink and bookmark your site. Keep up the good work!

    I’m Out! 🙂

  9. Hey, I read a lot of blogs on a daily basis and for the most part, people lack substance but, I just wanted to make a quick comment to say GREAT blog!…..I”ll be checking in on a regularly now….Keep up the good work! 🙂

  10. Martha Jackson says:

    Hi,

    My name is Martha Jackson and I am the webmaster of some good finance related sites. I came to know about your blog fsckorea.wordpress.com through search engine. I find your site interesting as well as informative for my visitors. Hope your visitors would also gain from the content of our sites. I am interested in exchanging links with you. It will be mutually beneficial for both of us. If you wish then we can also “exchange articles” and “guest posts”. To give you one more advantage I can place your link within my content.

    If you agree, contact me at: martha.jackson815[at]gmail.com.

    Waiting for a quick and positive reply.

    Thanks,

    Martha Jackson

  11. Stephen Dave says:

    Very good site! Keep up the good work.

  12. Pingback: Tweets that mention Korea’s microfinance policies receive positive coverage by foreign media « FIN POL -- Topsy.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: