Anchor: The South Korean government has drafted an eleven-point-seven trillion won supplementary budget plan to cushion the novel coronavirus outbreak’s impact on the economy. The Cabinet approved the budget plan on Wednesday morning. 
Park Jong-hong reports.

Report: The government has drafted a supplementary budget worth eleven-point-seven trillion won, or more than nine-point-eight billion US dollars, in the hopes of offsetting the impact of the COVID-19 outbreak on the nation’s economy.

This is the country’s largest supplementary budget in seven years.

Under the plan, the government seeks to spend two-point-three trillion won on enhancing the nationwide quarantine system. This involves securing facilities such as more negative pressure isolation rooms and negative pressure ambulances, as well as testing and analysis equipment. Hospitals specialized in epidemics and virus research institutes will also be established.

The plan also accounts for compensation for losses that medical institutions suffer from implementing government quarantine measures. In addition, it will support the living costs of COVID-19 patients who are hospitalized or in isolation.  

Meanwhile, the government will also spend two-point-four trillion won to assist small business owners and small- and medium-sized enterprises. Four trillion won in loans, including two trillion won through the Industrial Bank of Korea, will be provided at low interest rates. 

Payment guarantee services for companies and exporters based in the hardest-hit areas, including Daegu and North Gyeongsang Province, will be increased by three trillion won. 

Another three trillion won will be earmarked to help stabilize the livelihoods of low-income families. Those receiving basic state stipends or childcare allowances will be given vouchers with which they can purchase necessities at local markets. 

Eight-hundred billion won will go to disinfection work at primary and secondary schools in regional areas. 

The government will submit the bill to the National Assembly on Thursday aiming for passage during the ongoing extraordinary session that ends on March 17.

The extra budget, if approved, will be in addition to the 512-point-five trillion won budget earmarked for annual spending this year, the largest amount ever in South Korea.
Park Jong-hong, KBS World Radio News