World News

South Korea to submit extra budget plan shortly, prepare more measures to support labour market, firms

SEOUL (Reuters) – South Korea’s president said on Tuesday the government will submit its supplementary budget plan to parliament soon, while stressing the need to prepare more measures to support the labour market and companies being hit by the coronavirus outbreak.

“The government has decided to provide emergency cash payments for the first time in its constitutional history to give strength and consolation to the citizens who are going through the difficulties from COVID-19,” President Moon Jae-in said, adding it will submit the extra budget proposal to the parliament shortly after the April 15 general election.

Moon also said the country’s economic crisis is beginning in earnest.

(Reporting by Joori Roh; Editing by Kim Cohill)