The government will pursue ten projects designed to stabilize people’s livelihoods in three areas including food prices, living costs and housing for the middle and working class.

The government finalized the projects during a meeting of economy-related ministers on Monday in Seoul that was chaired by finance minister Choo Kyung-ho.

To stabilize food prices, the government will lower import duties on seven food products to zero percent through the end of the year, including pork, wheat, flour and processed egg products.

Vendors of imported pork will be able to lower prices by up to 20 percent as the current import duties on pork stands between 22-and-a-half percent to 25 percent.

To stabilize housing for the middle and working class, the government plans to lower tax burdens on households that own one house to tax levels posted in 2020, before comprehensive real estate taxes on such households were marked up.

The government also plans to raise from the third quarter the maximum of the loan-to-value(LTV) ratio to 80 percent for those buying their first homes.

The government also decided to extend the current 30-percent consumption tax cut on auto purchases for another six months until the year's end.