Finance Minister Choo Kyung-ho urged Cabinet members to prioritize the stabilization of consumer prices and exert exhaustive efforts with a sense of responsibility.

At a meeting with economy-related ministers on Thursday, Choo, who doubles as deputy prime minister, assessed that the continuing instability of prices stems from overseas inflationary factors, such as soaring global oil and raw material prices.

Choo asked the ministers to check up on and encourage their respective ministry's key projects that could help with price stability and to actively seek revisions to fund enactment plans, pledging his ministry's support.

The government plans to swiftly implement livelihood-related projects included in the extra budget, such as issuing discount coupons for agricultural, livestock and fisheries products, and support to stabilize fertilizer prices.

Choo promised bold steps to streamline red tape that obstructs or impedes corporate investments and other business activities, mentioning the launch of a related task force led by the minister himself.

He is set to announce the Yoon Suk Yeol government's economic policy direction next Thursday.