South Korea to pay 9.1t won cash to families, draw up 7.1t won extra budget

[SEOUL] South Korea will draw up a 7.1 trillion won (S$8.28 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.

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

REUTERS