S. Korea approves US$9.4b extra budget to combat coronavirus impact

A man wearing protective mask walks past a statue also with masks on, following an outbreak of the coronavirus disease (COVID-19), in Daegu, South Korea, March 10, 2020. REUTERS/Kim Kyung-Hoon

SEOUL: South Korea's parliament approved late on Tuesday a supplementary budget of 11.7 trillion won ($9.43 billion) to combat the economic fallout from the coronavirus outbreak and help shore up vulnerable businesses and domestic consumption.

In a 222-1 vote, the single-chamber National Assembly approved the bill, which was nearly unchanged from the March draft proposal.

Of the total 11.7 trillion won, 0.8 trillion won will make up for the revenue deficit, well below the 3.2 trillion won proposed earlier, while 10.9 trillion won will be used as an additional fiscal injection, compared with a previously planned 8.5 trillion.

The government has proposed issuing about 10.3 trillion won worth of treasury bonds to fund the supplementary budget, though details on the size of bond issuance were not disclosed. - Reuters