S. Korea to draw up to 7.1 trln won second supplementary budget to battle coronavirus

Reuters is out with the latest headlines, citing that South Korea will draw up to 7.1 trln won second supplementary budget, as announced by the government on Monday.

The government also stated that it will also spend 9.1 trln won for emergency cash payment to tackle coronavirus impact.

This follows President Moon Jae-in comments that the government will offer emergency cash handouts to many families and unveil a second supplementary budget soon to cushion the economic blow from the coronavirus outbreak.

USD/KRW off the highs

USD/KRW is off the highs on the S. Korean government’s additional relief measures, although trades with 1% gains near 1,225 region amid broad-based US dollar rebound on mounting coronavirus pandemic fears.

• South Korea reports 78 new coronavirus cases and six more deaths