The government will buy some 120-thousand tons of rice to prevent a further drop in prices resulting from oversupply.

The ruling Democratic Party's(DP) chief policymaker, Kim Sung-whan, said in a press briefing that the DP and the government reached the decision on Wednesday during a policy coordination meeting at the National Assembly.

Kim said that of the total surplus of 270-thousand tons of rice last year, the government will purchase the remaining 126-thousand tons next month.

Kim said that although the government previously purchased 144-thousand tons of the surplus amount, rice prices have continued to drop, raising concerns.

Agriculture minister Kim Hyeon-soo said at the policy coordination meeting that despite the government’s move to buy 144-thousand tons of rice, prices have continued to drop amid the prolonged COVID-19 pandemic and continued oversupply, and stressed the need for further measures to stabilize the rice market.