S. Korea vows efforts to secure stable supplies of agricultural inputs amid Mideast crisis

Seoul, April 27 Agriculture Minister Song Mi-ryung said on Monday the government will continue efforts to stabilise supplies of key agricultural inputs amid the ongoing Middle East crisis.

Song stressed at a press conference that sufficient supplies of major agricultural goods, such as fertilisers and agricultural films, needed during the spring planting season have already been secured, reports Yonhap news agency.

The agricultural ministry will swiftly execute the 377.5 billion-won (US$256 million) supplementary budget allocated to the ministry to help stabilise the livelihoods of farmers by expanding support for purchases of diesel products for farm machinery, she added.

The allocation is part of the 26.2 trillion-won extra budget passed through the National Assembly earlier this month in a bid to cope with the economic fallout from uncertainties surrounding the Middle East.

Regarding the government's push to overhaul Nonghyup, the country's agricultural cooperation and banking group, Song said such efforts are aimed at bolstering the governance and restoring the checks-and-balances of the group.

Last month, the government and the ruling Democratic Party announced reform measures for Nonghyup following a series of corruption scandals involving the group, including alleged embezzlement of public funds and accounting fraud.

Under the plan, a new audit committee will be formed to conduct oversight of the group.

The reform plan also calls for improving transparency by prohibiting the group's chairman from exercising undue influence over personnel and management, and establishing the legal grounds to suspend employees convicted of crimes such as bribery or embezzlement.

Meanwhile, cash assistance for basic livelihood security recipients and other vulnerable groups began rolling out as part of efforts to ease financial strains caused by rising oil prices amid the war in the Middle East.

The government started accepting applications for the funds, which will allocate 550,000 won (US$372) for basic livelihood security recipients and 450,000 won per person for single-parent households and those just above the welfare eligibility threshold.

Recipients outside Seoul or those living in areas with declining populations will receive an additional 50,000 won.

The applications will run through May 8, with recipients being able to choose the assistance by credit and debit cards, prepaid cards or local currency vouchers.

The funds, which will expire Aug. 31, can only be used at small businesses with annual sales of 3 billion won or less, or businesses that accept local currency vouchers.

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