S.Korea to pay 9.1 trillion won cash to families, draw up $5.8b extra budget

SEOUL: South Korea will draw up a 7.1 trillion won ($5.80 billion) second supplementary budget to fund emergency cash payments to many families to ease the fallout from the coronavirus outbreak, Finance Minister Hong Nam-ki told a briefing on Monday.

The country plans to spend some 9.1 trillion won for “emergency disaster relief payment,” a one-time support measure, which will help shore up domestic demand and economic growth.

Hong said the government would have to issue deficit-covering bonds to at least partially fund the second budget. – Reuters

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