By:Nadeemy Haded

South Korean President Moon Jae-in said that his country will provide emergency cash assistance to most families, and will prepare a second supplementary budget next month in an effort to reduce the economic impact of Corona.

Moon said, after an emergency meeting with economic policy makers, that "emergency payments to mitigate the disaster" amounting to one million won ($ 816) will be provided to all families, except for the higher-income families, which account for 30 percent.

Moon pointed out that he will prepare another additional budget to be submitted to Parliament for approval in April, and that some small and medium-sized companies will be exempt from paying partial bills for insurance and utilities.

He added, "It is essential that the government maintains as much financial strength as possible to prepare for an economic shock without end in sight and to respond quickly to insecurity in the labor market and any potential liquidity crisis for companies."

The new package is the latest in a series of steps the government has recently taken to ease pressure on Asia's fourth largest economy.

Previous measures included an interest rate cut and a supplementary budget of 11.7 trillion won ($ 9.54 billion), raising the ceiling of currency futures centers for banks, and a corporate rescue package with a total value of 100 trillion won ($ 81.6 billion).

(USD = 1225.9 won)

Source: Reuters

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