South Korea announces $9.8 billion stimulus to combat coronavirus

South Korea announces $9.8 billion stimulus to combat coronavirus

South Korea on Wednesday announced a stimulus package of 11.7 trillion Won ($9.8 billion) to soften the blow of the virus that had spread beyond China.

The stimulus, after parliamentary approval, will transfer financial aid to the country’s health system, child care, and outdoor markets according to Finance Minister Hong Nam-ki. Of the 11.7 trillion Won proposed, 3.2 trillion Won will make up for the revenue deficit while 8.5 trillion won will be extra fiscal injection.

“As we understand that the economy is in a state of emergency, we are putting all our policy focus on minimizing the economic fallout, especially for the vulnerable sectors, small- to medium-sized businesses and self-employed people,” Hong told a news conference.   

South Korea is seen as one of the worst hit areas outside of China with most cases of infections.