Oversight panel for public funds to be formed next week: MOFE min.

The government will soon work out comprehensive measures to cope with the worsening international economic situation such as the depreciation of the Japanese yen, rising international oil prices and signs of U.S. stagnation, said Minister of Finance and Economy Jin Nyum Friday.

A public fund management committee will be inaugurated next week at the earliest to prepare measures to augment the government coffers, he said.

In a meeting with reporters, Jin said the Ministry of Finance and Economy (MOFE), which is taking over external economic policy coordination from the office of government policy coordination at the prime minister's office, would work out measures to cope with changes in international trade and international financing by the end of February.

Jin also said the ministry would work out measures to handle insolvent insurers, liquidate insolvent companies and select the chief executive officer (CEO) of the projected government-led financial holding company.

The CEO of the financial holding firm would be selected from among people in their mid- to late-40s who are well versed in international financial matters, he added.

The government plans to achieve a balanced budget by 2003 if sufficient funds are raised by selling off the government¡¯s stakes in banks that received public funds injections and by other means, he said.