By Na Jeong-ju
Staff Reporter
President Lee Myung-bak urged all government employees Wednesday to ``share pain'' with the public from the global financial crisis, saying Cheong Wa Dae and ministries will do their utmost to overcome the difficulties.
``All public servants should try harder to address the concerns and difficulties of ordinary people, who are suffering from economic hardship,'' Lee was quoted as saying by presidential spokesman Lee Dong-kwan at his weekly meeting of senior presidential secretaries.
``We've announced a wage freeze for public servants and cost-cutting programs, but they are not enough to share pain with the public. All public servants, including me, should work as if they are in a state of emergency.''
Lee said the global crisis is posing serious threats to the Korean economy, but firms have performed well. He said the current account would swing back to a surplus this month.
The message came one day after Prime Minister Han Seung-soo instructed government agencies and public firms to freeze wages, cut spending and refrain from taking overseas trips to share the burden with the private sector from the deepening economic woes.
As of the end of 2007, South Korea's public sector had a total of 259,159 employees on its payroll. Their average wage increased 3 percent last year, according to the Ministry of Strategy and Finance.
The prime minister said banks, which will receive $100 billion in payment guarantees for their foreign currency loans under the government's bailout plan, will also face belt-tightening measures.
Last week, heads of major banks and financial institutions issued a statement, pledging to reform their organizations in return for the government's debt guarantees.
``Many people compare the current crisis to the currency crisis of a decade ago. But I can confidently say that there would never be another currency crisis in South Korea,'' President Lee said.
``The circumstances are entirely different from 10 years ago, as the crisis this time has originated from the U.S. and Europe. My administration will actively strengthen policy cooperation with the international community, supply a sufficient amount of liquidity to the financial market and revitalize domestic consumption.''