S. Korean gov’t rolls out first COVID-19 economic relief package


to help local businesses now struggling
because of the coronavirus the South Korean government has unveiled its first
economic relief package the government is going to pour billions of dollars
into the economy with measures like bringing back the so-called spending
coupons and lowering rents for small businesses
Kim dummy has the details the government is injecting its a thirteen billion US
dollars of emergency funds that to help ease the burden that the outbreak is
having on the economy finance minister who nangi said that as well as it is
emergency funds the government will use it a supplementary budget to help people
and businesses suffering due to the outbreak he added that although the size
of this supplementary budget has yet to be confirmed it will definitely be a
larger than the extra budget during the MERS outbreak in 2015 which was a little
over five billion dollars and that extra budget bill according to home will be
sent to Parliament next week as widely expected the government is also
reintroducing the so-called spending coupons which were last used in 2009
they’ll be introduced in five areas including tourism and family care to
encourage consumption if a workers take family care leave to look after their
children under eight years old the government will provide up to a $400
per couple vacation coupons worth up to 330 dollars will be dished out to around
120,000 people traveling within the country in the latter half of the year
and attacks on car purchases will be cut by 70 percent the government will also
continue to support small businesses by allowing more people to take out loans
on Thursday the finance minister also pledged to share the cost of rent
discount about landlords during the first half of the year to lift a rent
burden on small businesses and Merchants so-called kinda landlords a nationwide
are voluntarily collecting less rental from their small business tenants the
government’s plan is to give a landlord’s a tax deduction of 50% of the
discount they gave their tenants this will apply regardless of the landlords a
total income or the size of the rent discount to tighten quarantine measures
against a virus the government will hand out a seven million free masks
Teague and Antonio gyeongsang-do province kendama Arirang news

17 thoughts on “S. Korean gov’t rolls out first COVID-19 economic relief package

  1. Wait ….. the economy is failing so they just give ppl money and take out loans. That they cant pay back if noone is going to work? 🤔

    So theyre pushing a recession into a depression ?

    We need a cure or some kind of treatment not money to spend.

  2. Well done South Korea. Doing a great job dealing with the Coronavirus. Showing transparency and using innovative ideas to ease the stress, pain and burden these people may be feeling.

  3. They are reducing the financial impact of quarantines and being ill.

    Bills are being reduced and they are creating a buffer. The thought is that these loans can eventually be paid off and likely will be reduced before all is said and done

  4. Very simple close all borders with china and get rid of the current South Korean president then the trouble with the virus would be slightly less hassle. Even North Korea has closed all borders so why not South Korea? Shows how stupid the current President Moon Jae In is he needs to go!

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