Moon unveils multi-billion-dollar stimulus package to revive S. Korea's job market

  • 4 years ago
문대통령 "40조원 규모 기간산업안정기금 긴급 조성...한국판 뉴딜 추진"

South Korea is rolling out another stimulus package to keep more Koreans in jobs and help businesses stay afloat through the course of the coronavirus outbreak.
President Moon unveiled plans for a 32 billion U.S. dollar fund to increase subisidies and another 8 billion to help stabilize employment today.
Arirang News' senior Blue House correspondent Kim Minji starts us off.
President Moon Jae-in has announced a stimulus package worth over 32 billion U.S. dollars to support South Korea's key industries that have been slammed by the COVID-19 outbreak.
During the fifth session of the country's emergency economic council on Wednesday,... President Moon said it will be used to ensure that key industries don't collapse and to enable them to keep people employed.
Key industries include aviation, oil refineries and car production.
Protecting jobs is the key task to overcoming this national crisis, and it's a matter of survival. The government will deploy stabilization funds to make sure that key industries don't collapse. We will be providing firms with all possible support, including temporary liquidity and funding.
Moon also said the government will add another 28 billion dollars to its initial 80-billion-dollar financial relief package unveiled a few weeks ago... to expand support for the self-employed and small businesses as well as companies with low credit ratings.
An extra 8 billion will be used to prevent an employment crisis and to cover potential blind spots.
The government will be creating some 500-thousand new jobs,... while providing payments of some 400 dollars each to freelancers and other workers not covered by national employment insurance for three months.
Moon also ordered the government to swiftly prepare for a Korean version of the New Deal.
I ask the relevant ministries to swiftly launch a task force on a Korean version of the New Deal revolving around major national infrastructure projects. By pushing for large-scale national projects that result in job creation, the government will not just be creating new jobs, but preparing for innovative growth in a post-corona era.
To fund the measures, President Moon ordered the swift preparation of a third supplementary budget,... calling for cooperation from the National Assembly.
Wednesday's session of the emergency economic council will be the last for the time being.
A new central disaster management headquarters for the economy chaired by the finance minister will be set up to respond to the economic challenges posed by COVID-19.
Kim Min-ji, Arirang News.

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