South Korea to draw up second extra budget, give cash payments to many families as virus relief

Economic Indicators6 hours ago (Mar 29, 2020 11:05PM ET)

(C) Reuters. South Korea’s President Moon Jae-in speaks at the 8th trilateral leaders’ meeting between China, South Korea and Japan in Chengdu

SEOUL (Reuters) – South Korea’s President Moon Jae-in said on Monday that the government will provide emergency cash payments to many families and draw up a second supplementary budget soon to ease the economic impact of the coronavirus outbreak.

The cash payments will be made to all households except the top 30% by income.

The president said the extra budget should receive parliamentary approval in April.

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