South Korea is preparing for a third supplementary budget and a 40 trillion won ($32.4 billion) fund to sharply increase subsidies to keep more Koreans in jobs and help businesses stay afloat through the course of the coronavirus outbreak.
FILE PHOTO: South Korean President Moon Jae-in speaks during his New Year press conference at the presidential Blue House in Seoul, South Korea, January 14, 2020. REUTERS/Kim Hong-Ji/Pool/File Photo
The subsidies and cheap loans will help some 2.86 million people as vanishing jobs hit Asia’s fourth largest economy after months of self-isolation aimed at containing the coronavirus. Finance minister Hong Nam-ki said in a briefing that it was ‘inevitable” a third supplementary budget for this year will be drawn up to finance part of some 10 trillion won needed for additional wage subsidies, job training and other loans. Most of it will be funded by issuing deficit-covering bonds, he said, without elaborating on the exact amount of the third extra budget.
“The government will protect key sectors from failing through the ‘key sector stabilization fund’,” Moon told the meeting, without detailing specific sectors.
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