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Finance minister holds meeting with heads of economic organizations

All News 18:03 April 27, 2020

SEJONG, April 27 (Yonhap) -- Finance Minister Hong Nam-ki held a meeting with heads of economic organizations on Monday to discuss economic relief packages for companies hit by the coronavirus pandemic, the finance ministry said Monday.

The meeting is aimed at hearing opinions from experts as South Korea seeks to stimulate economic growth after apparently bringing the coronavirus outbreak under control.

Heads of economic organizations called for the government to swiftly implement financial aid programs for virus-hit businesses, the ministry said.

They also urged the government to temporarily ease some regulations and make more efforts to boost domestic consumption, it said.

Finance Minister Hong Nam-ki (C) speaks at a meeting with heads of economic organizations on April 27, 2020, in this photo provided by the ministry. (PHOTO NOT FOR SALE) (Yonhap)

South Korea's economy shrank 1.4 percent on-quarter in the first quarter of this year, marking the sharpest quarterly contraction since the last three months of 2008.

Hong has said the COVID-19 shock on the nation's exports and job market could widen in the second quarter.

South Korea has pledged to increase the size of its aid package by 90 trillion won (US$73 billion) to 240 trillion won for coronavirus-hit companies and to support job protection.

President Moon Jae-in ordered the government to draw up a third extra budget, which will be unveiled in early June.


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