The government will buy 200-thousand tons of rice to prevent a further drop in prices due to oversupply. 

The ruling Democratic Party(DP) and government made the decision on Tuesday during a policy coordination meeting at the National Assembly. 

After the meeting, DP chief policymaker Park Wan-joo said in a press briefing that of the total surplus of 270-thousand tons of rice, the government will purchase 200-thousand tons in January. 

He added that the government will watch the market situation to determine when it will purchase the remaining 70-thousand tons. Park said the plan is to buy all 270-thousand tons in principle. 

Park said that the government will announce a detailed plan on the purchase next month after consultation with concerned parties.