The South Korean government has approved a 20-point-two trillion won supplementary budget, the first under President Lee Jae Myung.
That’s equivalent to 14-point-six billion U.S. dollars.
Passed at a Cabinet meeting on Thursday, the package includes some ten-point-three trillion won in nationwide “consumption coupons” to boost spending, with payments ranging from 150-thousand won to 500-thousand won per person based on income level.
Additional funds include 600 billion won for local gift certificates and 77-point-eight billion won for lodging and movie discount vouchers.
The budget also includes a debt relief package for some one-point-one million vulnerable borrowers, along with restructuring support for struggling self-employed businesspeople.
Second Vice Finance Minister Lim Ki-keun said the plan was drawn up swiftly and practically to address economic hardships and act as a catalyst for recovery.
This follows a 13-point-eight trillion won extra budget passed in May and is expected to be submitted to the National Assembly for approval on June 23.