The government has promised up to 39 trillion won, or about 26.8 billion U.S. dollars, to increase liquidity for small and midsize businesses ahead of the Lunar New Year holiday.

The record commitment was announced Thursday during a meeting of relevant ministers presided over by acting President Choi Sang-mok.

The plan is to supply up to 39 trillion won to support the cash flow of small businesses and microbusinesses ahead of the holiday, providing 37 trillion won worth of loans through commercial banks and state banks. 

In addition, the government will provide a total of five billion won to support merchants at traditional markets in purchasing high-demand products in the two months leading up to the Lunar New Year holiday.

The government will also implement its job creation programs at an early date with the goal of hiring more than 790-thousand people by the end of this month, which is 64 percent of the target for this year.