S. Korea's finance ministry pledges US$ 33 bil. to support large firms hit by COVID-19
Updated: 2020-05-20 17:26:25 KST
South Korea's finance ministry has pledged around 33 billion dollars over the coming month to help local large-sized firms to stay afloat during the COVID-19 pandemic.
"The eligible firms include those in the aviation and marine transport sectors. The threshold is having more than 300 employees and at least 408 million U.S. dollars of debt."
Companies that receive the support need to keep more than 90 percent of their employees for at least six months after receiving the funds.
They are also prohibited from using the money to buy their own dividends or stocks.
Finance minister Hong Nam-ki is also vowing to swiftly secure an almost 2.9 billion dollar supplementary budget for job creation efforts in the public sector.
Hong said the funds will be used to create more than 550-thousand new jobs, including some 100-thousand new jobs in non-contact and digital sectors.
The finance ministry will announce detailed plans to boost consumption and investment as well as South Korea's own version of the 'New Deal' in early June when it lays out its economic policy direction for the second half of 2020.
Kim Dami, Arirang News.