At the core of the government's 46 billion U.S. dollar stimulus package unveiled Wednesday is reviving exports and boosting consumption.
During the fourth meeting of the emergency economic council, President Moon Jae-in said the global economy is falling into a severe recession and that South Korea's export-reliant economy is reeling from a tsunami-like impact.
We will step up efforts to overcome the current difficulties while preparing for possible greater risks such as employment concerns and liquidity crises.
Of the package, over 29 billion dollars will be set aside for trade finance so that exporters don't miss out on opportunities due to a lack of finance or credibility.
To revive consumption, more than 14 billion dollars will be used to encourage pre-payments and to back a pre-purchase scheme for public institutions.
In addition, 1.8 billion dollars will be directed at providing support and expanding incentives for start-ups and venture companies.
There will also be measures to reduce the tax burden on the country's small shop owners, the self-employed and freelancers.
The government will serve as a reliable support for companies and for the people, and will take measures whenever needed to overcome the crisis. We will deploy all possible resources. We will not hestitate to make aggressive and active fiscal injections.
The government has already introduced an 80-billion-dollar package for the country's self-employed, small businesses and medium and large corporations, and plans to hand out financial payments to households in the lower 70 percent income bracket.
"President Moon vowed continued preemptive efforts to revitalize the economy and speed up the pace of recovery. Kim Min-ji, Arirang News."