GOVT'S EMERGENCY RESCUE PACKAGE FOR BUSINESSES

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The government will provide a 100-trillion-won emergency rescue package for businesses affected by COVID-19. Announcing the measures, President Moon Jae-in vowed to prevent firms from going bankrupt and also protect jobs for the people. Regarding the idea of a disaster-related basic income cash aid for citizens, Moon called for preparations that a decision can be reached by next week.

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​Saving businesses was the focus of measures formulated during the government's second emergency economic council meeting. A 100 trillion won emergency relief fund will be used to help cash-strapped businesses jolted by the COVID-19 outbreak.

[Soundbite] PRES. MOON JAE-IN : "The country will protect firms from going bankrupt due to a temporary lack of liquidity."

President Moon Jae-in pledged to rescue firms and also protect people's jobs. To do so, he ordered the expansion of financial aid on retaining employment and for insurance payments and electric bills to be deferred or exempted starting next month. Efforts to push for a disaster-related basic income aid were also made official. Moon wants a decision reached by next week's economic council meeting.

[Soundbite] PRES. MOON JAE-IN : "I urge preparations to ensure a speedy conclusion is reached during the next meeting regarding effective livelihood support measures and ways of funding."

Following his order, the nation's top office has begun discussing ways to present a unified plan on the basic disaster income proposal. For one, it will be a temporary cash aid. It's still to be decided whether the stipend will be given to all citizens or select members of the public. For now, the latter option appears more plausible. The cash aid will likely be in the form of a pre-paid card or local currency that must be used within a certain period of time. However, the option of cash assistance to all citizens is not entirely ruled out. A senior Cheong wa dae official pointed out, no direction has been laid out yet, that discussions will need to be held in accordance with the president's directive, and the final decision will be made by the South Korean leader.