The government has finally unveiled a plan to restructure the nation’s ailing shipbuilding and shipping industries. The scheme, announced Wednesday, calls for creating an 11 trillion won ($9.5 billion) fund to recapitalize the two state-run banks, the Korea Development Bank and the Export-Import Bank of Korea, which are heavily exposed to the two sectors.

The main contributor to the fund is the Bank of Korea, which will provide 10 trillion won in the form of a loan to the government. The Industrial Bank of Korea will provide the remaining 1 trillion won. Separately, the government will directly inject 1 trillion won worth of securities into the Korea Eximbank.

As a large amount of taxpayers’ money is used to revamp the two troubled sectors, the government should make sure that the companies that receive support from the recapitalized banks make excruciating self-help efforts for turnaround.

On the day the government disclosed the bank recapitalization scheme, creditor banks approved the voluntary rehabilitation plans of the three key shipbuilders -- Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co.

They pledged to raise a combined total of 10.35 trillion won by selling off noncore assets and slashing payroll costs, hoping that the large amount of funds would help them cope with the expected drop in new orders in the coming years.

The government needs to see whether the funding plans are well founded. In case the shipbuilders’ actual performance falls short of their projections, it would be wise to have them prepare plans to raise additional funds.

While endeavoring to turn around troubled shipbuilders and shippers, the government should at the same time punish those responsible for the crisis.

In this regard, it was appropriate for prosecutors to launch a large-scale investigation into Daewoo Shipbuilding to see whether the shipbuilders’ former executives were involved in accounting fraud.

Investigators raided not just the shipbuilder, but the Korea Development Bank and Deloitte Anjin LLC, Daewoo’s main accounting firm, over suspicions they had acquiesced in the alleged accounting fraud.

Daewoo Shipbuilding suffered an operating loss of 5.5 trillion won last year. Prosecutors need to find out what caused the company to incur such a huge loss last year.

As the restructuring of the shipbuilding and shipping industries shifts into high gear, the government is advised to prepare measures to minimize the negative impact it will have on the economy.

Unemployment will inevitably increase as shipyards begin to implement their downsizing plans. This will erode consumer confidence and further weaken the already fragile economic recovery.

In this regard, the central bank’s decision Thursday to cut its policy rate by 25 basis points was a welcome move, as it will boost the economy and reduce the downside risks from the ongoing corporate restructuring. 

The rate cut was a bold decision, in light of the expected rate hike by the U.S. central bank in the months to come.

In sync with the central bank’s surprise move, the government needs to come up with measures to stimulate the sluggish economy, including the creation of a supplementary budget.