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South Korea said Friday that the additional budget to be announced next week to deal with the economic impact of the new crown outbreak may exceed the budget of 11.6 trillion won (9.5 billion US dollars) during the mers outbreak in 2015.
The additional budget is part of a series of emergency measures announced by South Korean President win in on Friday. The new crown epidemic affected exports and weakened consumer spending.
The Ministry of planning and finance did not announce the scale of the additional budget, but said that the scale would be equal to or greater than the budget of 11.6 trillion won during the outbreak of the Middle East respiratory syndrome (mers) in 2015.
The additional budget will be submitted to Congress for approval next week. The Ministry of planning and finance did not specify the capital source of the budget.
Once approved by Congress, the South Korean government plans to spend more than 75% of its budget in the first two months.
Most of the new spending will go to small businesses, healthcare and tourism, as consumers cut back on non essential consumer goods.
In a statement, the Ministry of planning and Finance said there were also 16 trillion won of tax relief and cheap loans for small businesses and unemployed individuals who could not afford to pay.


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