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S. Korean gov't rolls out first COVID-19 economic relief package Updated: 2020-02-28 10:01:24 KST

To help local businesses that are struggling because of the coronavirus, the South Korean government has unveiled the first economic relief package.
For more on this, we have our Kim Dami on the line.
Dami, tell us more about the government aid.

Right Ji-yoon, the government will be drafting a total of 13 billion U.S. dollars of emergency funds to lift the burden on the country's economy.
Including the upcoming extra fund, Finance Minister Hong Nam-ki said the government is looking to spend some 16 billion dollars of aid.
He added that although the size of the supplementary budget is yet to be confirmed it will definitely be larger than the amount spent during the MERS outbreak in 2015, which was little over 5-billion dollars.
And that extra budget bill, according to Hong, will be sent to the parliament by next week.
As widely expected, the so-called spending coupons are back in a wide range of industries including tourism and family care.
If workers take family care leave for their children under eight years old, the government will provide around 4-hundred dollars per couple until this coronavirus crisis ends.
For those who travel within the country, vacation coupons will be dished out with around 120-thousand people receiving around 160 dollars each.
The government will also continue to support small businesses by allowing more people to get loans.
In fact, earlier on Thursday, the finance minister also pledged to share the cost of rent discounts with landlords during the first half of the year.
To lift the rent burden on small businesses and merchants, property owners nationwide are voluntarily collecting less rent from their small business tenants.
The plan is to give them a tax deduction of 50 percent of the discount they give their tenants.
This will apply regardless of the landlord's total income or the size of the discount.
Back to you, Ji-yoon.

KOGL : Korea Open Government License
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