S.Korea's Moon announces US$29.5b in additional cheap loans for exporters

A couple wearing masks to protect against contracting the coronavirus disease walk along a street in Seoul April 3, 2020. — Reuters pic
A couple wearing masks to protect against contracting the coronavirus disease walk along a street in Seoul April 3, 2020. — Reuters pic

SEOUL, April 8 ― South Korean President Moon Jae-in said today the government will make an additional 36 trillion won (RM128 billion) worth of cheap loans available for exporters hit by the coronavirus.

Speaking at a policy meeting with economic chiefs, Moon said businesses and domestic demand devastated by the coronavirus pandemic deserves additional support which the government plans to provide through policy banks, tax benefits and other measures.

Loan guarantees will be extended for exporters, while debt will be rolled over for small businesses. Fresh measures worth 17.7 trillion won will be rolled out to boost consumption and support domestic demand, he added, without giving details.

Wednesday's announcement adds to planned economic rescue package of 100 trillion won in late March designed to help companies and put a floor under crashing stocks and bond markets.

South Korea, which has been praised for its fast and effective response to the pandemic, has recorded a total of 10,384 coronavirus cases as of midnight yesterday, with 200 deaths. ― Reuters

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