South Korea to consider 4th extra budget if coronavirus situation worsens
[SEOUL] South Korea's finance minister said on Thursday the government will consider drafting its fourth supplementary budget of this year should the economic fallout from the coronavirus pandemic significantly worsen.
As coronavirus cases rise, officials are debating whether they should deploy the toughest stage 3 social-distancing rules, where schools and business are urged to close, which would inflict further pain on Asia's fourth largest economy.
"Should we adopt the stage 3 social distancing rules, its impact on the economy will be a lot more serious," Hong Nam Ki said in a briefing where remarks were embargoed for Friday.
"So regarding the fourth extra budget, that will depend on the pace of new coronavirus case increases, as well as decision on whether we raise social distancing rules."
A fourth extra budget would bolster the 277 trillion won (S$319.1 billion) worth of fiscal stimulus already pledged by the government this year to fight the pandemic.
The Korea Centres for Disease Control and Prevention (KCDC) reported 371 new coronavirus cases as of midnight Thursday, bringing the country's total to 19,077, including 316 deaths.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
US inflation increases moderately in February; consumer spending surges
Fed’s balancing act could see June rate cut in play even with sticky inflation
China’s red carpet draws CEOs but few expect their money to follow
Australia wants businesses to diversify after China scraps wine tariffs
Japan FX chief calls yen’s slump unusual, vows to act if needed
Trump’s meme stock is skyrocketing but for how long?