South Korea will double its aid package for businesses affected by the coronavirus crisis to 100 trillion won (nearly $80 billion), President Moon Jae-in said at the emergency council's second meeting on Tuesday
SEOUL (Pakistan Point News / Sputnik - 24th March, 2020) South Korea will double its aid package for businesses affected by the coronavirus crisis to 100 trillion won (nearly $80 billion), President Moon Jae-in said at the emergency council's second meeting on Tuesday.
At the council's first meeting last week, the government unveiled a 50 trillion won relief package for small businesses.
"Now the whole world is in crisis... but we will protect our companies. The emergency financial package worth 50 trillion won � announced at the previous, inaugural meeting � will be significantly expanded to ... 100 trillion won," Moon said.
The relief measures would expand from small- and medium-sized enterprises to large corporations, he noted.
In addition, the country will revive a bond market stabilization fund similar to the one created during the 2008 financial crisis. In a bid to avert capital outflow, it will also create a securities market stabilization fund worth 10.7 trillion won, which is 20 times bigger that the one set up in 2008.
As of Tuesday, South Korea has confirmed a total of 9,037 coronavirus cases, including 120 fatalities.
