The South Korean authorities provide $39 billion to rescue small business

the President of South Korea, moon Jae-In announced the approval of a package of financial support for small and medium businesses, with 50 trillion won ($39 billion). As reported by the Yonhap News Agency, the decision was made during the session “emergency economic Council”.

According to the head of the state, the money will go to the rescue from bankruptcy of small and medium enterprises and self-employed people who find themselves in crisis due to the outbreak of coronavirus. The Korean President stressed the importance of these measures in the light of increasing concerns about global recession and credit crisis.

the aid Package involves the extension of financial support of small business to 12 trillion won, which will allow the enterprises of this sector for loans in all financial institutions of South Korea on average by 1.5% per annum. In addition, the government launches a program of guaranteed loans of 5.5 trillion won.