President Park says government should look after people's livelihoods during crisesUpdated: 2014-05-09 14:28:43 KST
As the nation continues to mourns the loss of so many lives in the ferry disaster, weak consumer sentiment triggered by the tragedy has raised a red flag on the country's economic recovery.
To address this problem, President Park Geun-hye presided over an emergency ministerial meeting earlier this Friday where she finalized a set of measures that are designed to quell concerns.
They include plans to spend an additional 7.8 trillion won, or 7.6 billion U.S. dollars during the first half of the year to prop up domestic demand hit hard by weakened consumption in the wake of the ferry accident.
The government will also expand the use of the central bank's lending facility for smaller firms to support affected businesses.
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