South Korea to pay cash to families, bring in extra budget relief by sangmi_cha HeeShin Follow our live blog for the latest updates on coronavirus:
A couple prepares to watch a movie from their car at a drive-in theater that has been temporarily made for residents to enjoy movies while keeping social distancing following the outbreak of the coronavirus disease , in Seoul, South Korea March 27, 2020. REUTERS/Kim Hong-Ji
Moon said he would prepare another extra budget for parliamentary approval in April and some small- and medium-sized companies would be exempt from paying partial insurance and utility bills starting this month. “There is a need for the government to reserve as much financial power to brace for an economic shock with no end in sight and promptly respond to labour market insecurity and any potential corporate liquidity crisis.”
Previous measures have included an interest rate cut, a 11.7 trillion won supplementary budget, raising a cap on currency forward positions for banks and a rescue package for companies totalling 100 trillion won .Its daily number of new infections has been hovering at up to 100 for the past three weeks, but authorities have tightened border checks as small outbreaks emerge and the number of imported cases has risen.
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