South Korean president announces USD 32 billion relief package for industries hit by coronavirus pandemic

South Korean President Moon Jae-in on Wednesday announced a massive USD 32 billion relief package in a bid to revive the country's key industries.

South Korean President Moon Jae-in on Wednesday announced a massive USD 32 billion relief package in a bid to revive the country's key industries. According to Yonhap News Agency, the fund is meant to help the country overcome the economic crisis caused by the pandemic.

Moon has described the crisis as the worst since the 1997 financial meltdown. "We will urgently form a stabilization fund for key industries in the amount of 40 trillion won (32 billion) to overcome the crisis and ensure employment," Moon said at the fifth emergency economic council meeting.

Moon also announced an additional job protection scheme that involves spending 10 trillion won (USD 8 billion) to cushion the COVID-19 impact on the country's job market. He said that the government will increase the size of the emergency finance relief scheme to 135 trillion from the 100 trillion won decided in previous emergency economic council sessions.

The government is determined to save all key areas, therefore, investment in fixed assets, payment guarantees, and other measures will also be considered as support measures. However, companies will have to comply with certain obligations in order to receive assistance, including maintaining a general level of employment, their own efforts to overcome the crisis, and other efforts, Moon also said. South Korea has so far registered over 10,600 cases of COVID-19 and 238 fatalities. (ANI)