South Korea to roll out additional support plan for COVID-19-hit aviation industry

The South Korean government is expected to roll out an upgraded support measure for cash-strapped air carriers this week.

Local media outlets reported the same day that a fresh set of measures expected to roll out this week are likely to include the government guaranteeing 20 trillion won in corporate bonds. The bonds are expected to help support air carriers like Korean Air and Asiana Airlines, which have to pay back loans worth a combined 2.5 trillion won by year-end, media reported.

If executed, it would be the third set of support measures for the aviation industry in two months. In February, the government announced it would extend loans worth a total of 300 billion won to airlines facing a liquidity crunch through the state-run Korea Development Bank. The government has also allowed air carriers to defer airport usage fees.

But earlier this month, the Korea Civil Aviation Association submitted a petition to the government to exempt all taxes and to increase subsidies for “practical support.” This led to the Jung-gu district office in Incheon and Gangseo-gu district office in Seoul to review a legislation revision on decreasing property taxes for aircraft.

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