World News

South Korea to draw up second extra budget, give cash payments to many families as virus relief

SEOUL (Reuters) – South Korea’s President Moon Jae-in said on Monday that the government will provide emergency cash payments to many families and draw up a second supplementary budget soon to ease the economic impact of the coronavirus outbreak.

The cash payments will be made to all households except the top 30% by income.

The president said the extra budget should receive parliamentary approval in April.

(Reporting by Joori Roh; Editing by Kim Coghill)