South Korea doubles coronavirus rescue package to $80 billion

Men, wearing masks to prevent contracting the coronavirus, following the outbreak of the coronavirus disease (COVID-19), walk in a shopping district in Seoul, South Korea, March 23, 2020. REUTERS/Heo Ran

SEOUL (Reuters) - South Korea on Tuesday doubled a planned economic rescue package to 100 trillion won (68.85 billion pounds) to save companies hit by the coronavirus and put a floor under crashing stocks and bond markets.

The package includes 29.1 trillion won in loans to small- and medium-sized companies, while another 20 trillion won will be used to buy corporate bonds and commercial paper of companies facing a credit crunch, President Moon Jae-in said in an emergency economic meeting.