The cabinet approved nine laws Wednesday, including a special act to provide debt relief to farmers and fishermen.

The act will provide 1.1 trillion won or 8.54 million dollars in loans to farming and fishing households at a 6.5 percent annual interest rate, to be paid back in five years with a grace period of two years, that will replace the current 11 to 12 percent mutually financed loans. It will also provide 550 billion won or 427 million dollars on loans for individuals with surety obligations through an annual interest rate of 5 percent, to be repaid in seven years after three years' grace period.

The cabinet also officially announced the revised Telecommunications Business Law, which relaxes the limits placed on foreign ownership of Korea Telecom shares. The revision allows foreign investors to hold a maximum 49 percent of the nation's largest telecommunications corporation, up from 33 percent presently. It was introduced as a means to expedite privatization of the communications giant.

The National Assembly has already passed all nine bills and they will take effect as soon as President Kim Dae-jung signs them.