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(LEAD) Moon unveils 40 tln-won relief package for key industries, job retention

All News 11:45 April 22, 2020

(ATTN: UPDATES with additional measures from 7th para; ADDS photo, byline)
By Lee Chi-dong

SEOUL, April 22 (Yonhap) -- President Moon Jae-in on Wednesday announced a massive relief package, worth 40 trillion won (US$32 billion), for South Korea's key industries disrupted by the coronavirus pandemic.

The funds are meant to help them weather the crisis and protect jobs.

Moon also unveiled an additional job protection scheme that involves spending 10 trillion won to cushion the COVID-19 impact on the country's job market.

Hard-hit key industries include aviation, oil refinery, shipping, shipbuilding and car production, the backbone of the country's employment.

The president then instructed his economic team to push for the Korean-version New Deal to start major national infrastructure projects.

"Now is the beginning stage of a crisis," he said, presiding over the fifth and last weekly emergency economic council session on the economic and financial fallout of COVID-19.

President Moon Jae-in speaks during the fifth emergency economic council meeting at Cheong Wa Dae in Seoul on April 22, 2020. (Yonhap)

The government will increase the size of the emergency finance relief scheme to 135 trillion from the 100 trillion won decided in previous emergency economic council sessions, according to Moon.

He also said the government will play a leading role in creating jobs, adding that half a million will be offered, many for youth.

Moon said companies here are facing an "employment cold wave" just around the corner.

"Employment shock may come more extensively and for a longer time, which we have not experienced," Moon warned.

He ordered immediate preparations for third batch of supplementary budgets to fund the schemes.

President Moon Jae-in (C) makes his opening remarks during the fifth emergency economic council meeting at Cheong Wa Dae in Seoul on April 22, 2020. (Yonhap)

Starting next week, meanwhile, Finance Minister Hong Nam-ki is scheduled to chair a meeting of top economic policymakers in response to coronavirus damages on Asia's fourth-largest economy.


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