Prime minister urges crackdown on hoarding of critical medical supplies and feedstocks

Prime Minister Kim Min-seok instructed the government on Wednesday to crack down on the hoarding of critical items, such as medical syringes and petrochemical feedstocks, amid supply concerns stemming from the war in Iran. 

Kim gave the instruction during an emergency economic headquarters meeting, one of several bodies launched to coordinate the government's response to the war.

"The emergency economic response system must continue to be operated steadfastly," he said, citing the fragile state of the cease-fire between the United States and Iran.

Under government measures imposed on Tuesday and Wednesday, stockpiling medical syringes and needles, as well as key petrochemical feedstocks such as ethylene, propylene and butadiene, has been banned due to concerns about shortages.

"I ask relevant ministries to strictly crack down on hoarding behavior that disrupts the market order," the prime minister said.

"In order for the people and businesses to trust the government and to create an environment where people refrain from hoarding, adjusting the supply and demand of necessary items is very important," he added, calling for special attention to be paid to the issue.

The prime minister also called for every effort to be made to smoothly implement a 26.2 trillion-won ($17.7 billion) additional budget passed by the National Assembly last week, which includes cash assistance for the bottom 70 percent of income earners.

Yonhap