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S. Korea Rolls Out Additional Emergency Measures to Support Coronavirus-Hit Industries

Written: 2020-03-18 14:54:26Updated: 2020-03-18 15:14:06

S. Korea Rolls Out Additional Emergency Measures to Support Coronavirus-Hit Industries

Photo : YONHAP News

The South Korean government has rolled out an additional package of emergency support measures to assist industries hit by the global coronavirus pandemic.

At a meeting with officials on Wednesday, Finance Minister Hong Nam-ki said the government will allow a grace period for airlines to pay for their right to commercial transportation and airport slots.

Landing charges will immediately be deducted by 20 percent and rental fees for commercial facilities at suspended airports will be exempt.

Highway tolls will be temporarily exempt for inter-city and express buses, and officials will look into reducing operations of buses that have seen more than a 50-percent drop in passenger numbers.

The government will also double the scope of unsecured special loans for the tourism sector to 100 billion won, and expand state guarantees for early cashing of export bonds for small and medium-sized exporters.

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