Gov't Unveils Massive Pump-Priming Measures for SMEs

The government on Thursday unveiled massive pump-priming measures as the coronavirus epidemic weighs heavily on Korea's economy.

Chairing an emergency meeting with senior officials, President Moon Jae-in said the government will spend W50 trillion in a support package to ease the financial burden on small and mid-sized businesses and the self-employed (US$1=W1,281).

The package includes emergency funding worth W12 trillion allowing businesses to borrow money at an interest rate of 1.5 percent. It also includes debt rollovers at financial institutions and a grace period on interest payments.

Moon said he will convene a meeting every week to cope with the economic crisis in a proactive and swift manner, to which outside experts and representatives of the business and labor sectors will be invited, if needed.