South Korea President vows to reform public enterprises

SEOUL – South Korea President Yoon Suk-yeol on Tuesday said the government will aggressively cut expenditure and sell assets at public enterprises to better allocate public spending for growing welfare demand.

Speaking at a policy meeting, Yoon said he will preside over a meeting on the economy every week to address “pressing” issues including reform of public enterprises, soaring consumer inflation at a 24-year high and rising energy costs.

(Reporting by Cynthia Kim and Choonsik Yoo; Editing by Christopher Cushing)