South Korea doubles the package of measures to rescue the economy from coronavirus

South Korea has doubled a planned package of measures to rescue the economy up to 100 trillion won ($80 billion) to support companies affected by the outbreak of coronavirus. About it reports Reuters.

Package includes loans to small and medium enterprises in the amount of 29.1 trillion won. Another 20 trillion won will be used to purchase corporate bonds and commercial paper of companies faced with the credit crisis, said President moon Jae-In at an emergency economic meeting.

“We will make sure that the company is not bankrupt due to shocks COVID-19. A normal, competitive company will not be closed only due to a temporary shortage of liquidity,” said moon.

as part of a package of measures to rescue the financial services Commission announced the creation of a Fund in the amount of 10.7 trillion won to stabilize the stock markets. In April will start the process of buying bonds, to be financed by the 84 institutions, including the Bank of Korea, commercial banks and insurance companies.

last week, the Central Bank of South Korea lowered its key interest rate by 50 basis points to a record low of 0.75% to support the fourth largest economy of Asia on the background of the pandemic coronavirus.