South Korea announces KRW15 trln extra budget to aid small businesses, protect jobs
|South Korea’s Finance Ministry is set to unveil a KRW15 trillion ($13.38 billion) additional budget to boost support for small businesses and safeguard jobs, in the wake of the coronavirus pandemic-induced economic damage, per Reuters.
Ahn Do Geol, the Deputy Finance Minister for the budget, said: "We want to make sure there are no blind spots left when it comes to using support funds (for small businesses), compared to how we spent them before.”
The spending rolled out on Tuesday adds to a pandemic-fighting stimulus of about 310 trillion won since last year, when the economy shrank 1.0%, the most since 1998.
USD/KRW reaction
The South Korean won (KRW) lost nearly $20 on the above announcement, as USD/KRW staged an impressive bounce from weekly lows of 1,102.41.
At the time of writing, the cross trades at 1,121.40, up 0.71% so far.
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