Gov't to spend US$ 7.6 bil. to boost economy, help struggling SMEs
- 4 years ago
정부, 최대 9조 민생안정대책 마련…4차 추경에 경기대책도 추가
South Korea's economic recovery has been slowing with the fading effect of the emergency relief funds and the resurgence of COVID-19.
To protect vulnerable firms and the local economy, the government is planning to add nearly 7-point-6 billion U.S. dollars of emergency aid.
Kim Sung-min has the details.
South Korea is planning to inject some 7-point-6 billion U.S. dollars of financial aid into the economy to help it recover from the COVID-19 outbreak.
The so-called "emergency livelihood fund" includes just under 6 billion dollars from the upcoming 4th revised supplementary budget and 8-hundred-40 million dollars from the reserve fund.
The supplementary budget is mainly focused on supporting vulnerable groups hit hard by COVID-19 including small and medium-sized businesses... while the reserve fund will be put into boosting the economy in general.
The government is likely to work out the details within this week.
This comes after the announcement by finance minister Hong Nam-ki last week..., that the country is planning to provide extra support that is adjusted to the current situation.
The latest economic package is also aimed at boosting employment.
The benefits provided for businesses that maintain a certain level of employment, which was originally due to end this month, will be extended.
The package also looks to encourage investment, especially by public institutions.
While expanding consumption is also part of the plan, the focus will be on non-contact purchases due to COVID-19.
Since Chuseok, the Korean Thanksgiving holiday is around the corner, the government will release extra stocks of commodities in high demand, especially ones affected by the typhoons, to keeping consumer prices stable.
Kim Sung-min, Arirang News
South Korea's economic recovery has been slowing with the fading effect of the emergency relief funds and the resurgence of COVID-19.
To protect vulnerable firms and the local economy, the government is planning to add nearly 7-point-6 billion U.S. dollars of emergency aid.
Kim Sung-min has the details.
South Korea is planning to inject some 7-point-6 billion U.S. dollars of financial aid into the economy to help it recover from the COVID-19 outbreak.
The so-called "emergency livelihood fund" includes just under 6 billion dollars from the upcoming 4th revised supplementary budget and 8-hundred-40 million dollars from the reserve fund.
The supplementary budget is mainly focused on supporting vulnerable groups hit hard by COVID-19 including small and medium-sized businesses... while the reserve fund will be put into boosting the economy in general.
The government is likely to work out the details within this week.
This comes after the announcement by finance minister Hong Nam-ki last week..., that the country is planning to provide extra support that is adjusted to the current situation.
The latest economic package is also aimed at boosting employment.
The benefits provided for businesses that maintain a certain level of employment, which was originally due to end this month, will be extended.
The package also looks to encourage investment, especially by public institutions.
While expanding consumption is also part of the plan, the focus will be on non-contact purchases due to COVID-19.
Since Chuseok, the Korean Thanksgiving holiday is around the corner, the government will release extra stocks of commodities in high demand, especially ones affected by the typhoons, to keeping consumer prices stable.
Kim Sung-min, Arirang News