S. Korea finalizes US$ 10 billion package to boost economy, fight virus
Arirang News
2020-09-10
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In addition to the extra budget, another four billion dollars will be drawn up to support quarantine measures and boost the economy.
That brings the total amount to around 10 billion dollars.
Safety measures for the Korean Thanksgiving holiday Chuseok have also been announced.
Kim Sung-min explains. Supplementing the government's extra budget, the economy-related ministries, the health ministry, the education ministry and others... will be working to support the economy, people's livelihoods and the fight against COVID-19.
"Using funds the administration already has, the government will put in another 3-point-9 billion dollars in addition to the 6-point-6 billion dollars in the 4th supplementary budget."
That makes the finalized "emergency livelihood and economic package" worth almost 10 billion dollars.
The 3-point-9 billion will pay for COVID-19 testing, housing people in quarantine facilities,... helping hospitals that are running out of money and other measures.
In terms of the economy, the money will be used for investing in public facilities and to help exporters go online in the pandemic to find buyers.
Also, with the Korean thanksgiving holiday Chuseok around the corner, the government will be working overtime to contain COVID-19.
Hospitals and testing sites will stay open during the holiday and public transport will be disinfected more often.
Face masks will be sold at lower prices through home shopping shows and some of them will be given to lower income people for free.
The package also aims to stabilize the consumer prices while boosting local consumption.
For items that are in high demand as gifts, the government is going to increase the supply.
Also, it's going to ease an anti-corruption law that limits the size of gifts for people who work in certain sectors, so it'll allow gifts of up to 200-thousand won, or about 170 U.S. dollars.
People will be able to buy more gift certificates for use at traditional markets up to 8-hundred-40 U.S. dollars' worth.
The government aims to implement these measures as soon as possible..., so that they're in place before the holiday begins.
Kim Sung-min, Arirang News
In addition to the extra budget, another four billion dollars will be drawn up to support quarantine measures and boost the economy.
That brings the total amount to around 10 billion dollars.
Safety measures for the Korean Thanksgiving holiday Chuseok have also been announced.
Kim Sung-min explains. Supplementing the government's extra budget, the economy-related ministries, the health ministry, the education ministry and others... will be working to support the economy, people's livelihoods and the fight against COVID-19.
"Using funds the administration already has, the government will put in another 3-point-9 billion dollars in addition to the 6-point-6 billion dollars in the 4th supplementary budget."
That makes the finalized "emergency livelihood and economic package" worth almost 10 billion dollars.
The 3-point-9 billion will pay for COVID-19 testing, housing people in quarantine facilities,... helping hospitals that are running out of money and other measures.
In terms of the economy, the money will be used for investing in public facilities and to help exporters go online in the pandemic to find buyers.
Also, with the Korean thanksgiving holiday Chuseok around the corner, the government will be working overtime to contain COVID-19.
Hospitals and testing sites will stay open during the holiday and public transport will be disinfected more often.
Face masks will be sold at lower prices through home shopping shows and some of them will be given to lower income people for free.
The package also aims to stabilize the consumer prices while boosting local consumption.
For items that are in high demand as gifts, the government is going to increase the supply.
Also, it's going to ease an anti-corruption law that limits the size of gifts for people who work in certain sectors, so it'll allow gifts of up to 200-thousand won, or about 170 U.S. dollars.
People will be able to buy more gift certificates for use at traditional markets up to 8-hundred-40 U.S. dollars' worth.
The government aims to implement these measures as soon as possible..., so that they're in place before the holiday begins.
Kim Sung-min, Arirang News
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