A high-ranking foreign ministry official has expressed confidence that North Korea will eventually respond to President Yoon Suk Yeol's “bold initiative” for the regime.

Speaking to reporters on Wednesday, the official explained that the initiative serves the regime's interests, citing the North's recent announcement that the country was facing a dire situation affecting not only the regime's general business but also the livelihoods of the people. 

President Yoon's "bold plan" was unveiled during his Liberation Day speech on Monday, which was an offer to provide the North with assistance to rebuild its economy in exchange for substantial steps toward denuclearization.

The official added that there was no possibility that North Korea would give up its nuclear weapons through pressure alone, stressing that it must be done through diplomacy, dialogue and negotiations.

However, the official also emphasized that this does not mean that South Korea will simply wait; rather, it will proactively compel the North to come to the negotiation table through deterrence, dissuasion and other diplomatic efforts.