President Moon Jae-in announced a 100-trillion-won emergency rescue package for businesses affected by the COVID-19 pandemic, doubling the amount announced last week to assist small and medium-sized enterprises(SMEs) and small business owners.

At an emergency economic meeting on Tuesday, Moon said eligibility for the emergency fund will be expanded to include the country's major industries. This will not only protect domestic firms, but also keep jobs for South Korean people.

Moon vowed to take all necessary steps to prevent businesses from going bankrupt due to COVID-19, adding normal companies would never go out of business due to a temporary lack of liquidity.

The government will provide 29-point-one trillion won for SMEs and mid-market companies, and expand guarantees to seven-point-nine trillion won.

The government will also reactivate a bond market stabilization fund amounting to 20 trillion won, double the one created during the 2008 global financial crisis.

In addition, a ten-point-seven-trillion-won securities market stabilization fund will be launched as a buffer against capital outflows.