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Moon vows another massive stimulus package against coronavirus

11:33 April 08, 2020

SEOUL, April 8 (Yonhap) -- President Moon Jae-in has unveiled plans for another economic relief package, worth a total of 53.7-trillion-won (US$44 billion), in a bid to help revive exports and domestic demand amid the coronavirus pandemic.

Chairing the fourth emergency economic council session at Cheong Wa Dae, Moon said the government would offer at least 36 trillion won of additional trade finance and aid of 17.7 trillion won to promote domestic consumption.

"The global economy is falling into an extreme slump," he said, adding South Korea's export-reliant economy is suffering a "tsunami-like impact."

"(We) are in a dark tunnel with no end in sight," he added, stressing the need for urgent measures to save South Korean firms and protect jobs.

To that end, Moon said, the government has decided to pour 36 trillion won into supporting local exporters' credit and capital liquidity. He also said 17.7 trillion won of funds would be used to stimulate "rapidly frozen domestic demand."

President Moon Jae-in (C, back) holds the fourth emergency economic council meeting on the coronavirus at Cheong Wa Dae on April 8, 2020. (Yonhap)

lcd@yna.co.kr
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