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S. Korean gov't to roll out COVID-19 economic relief package by end of Feb. Updated: 2020-02-21 16:52:42 KST

Pledging to kill two birds with one stone, South Korean President Moon Jae-in has once again vowed to take control of both quarantine measures and the local economy.
President Moon said on Friday that the government will take unprecedented measures to revitalize the local economy.
The first economic relief package to be announced at the end of February will cover all possible measures, including tax, budget and regulatory innovation.
That includes injecting one.seven billion U.S. dollars in new policy funds for local SMEs and small businesses, providing forty-one million dollars for small and medium-sized tourism businesses and allocating emergency funds for low-cost airlines.
In fact, a relief package for local small businesses will be announced next week.
Finance Minister Hong Nam-ki said on Friday that measures will include ways to help small business owners who are behind on their rent.
The new measures may also see the return of the so-called 'spending coupons'.
Introduced in 2009, the coupons were provided to people in lower income brackets.
For six months, around 860-thousand people spent the coupons at local supermarkets and traditional markets.
The Presidential Chief of Staff for Policy, Kim Sang-jo, further added that the government is also reviewing all options, including allocating a supplementary budget to tackle the outbreak.
Kim also noted that the country has sufficient emergency funds to fight the virus, especially compared to when SARS broke out in 2003.
Kim Dami, Arirang News.
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