S Korea to extend financing to developing nations to fight Covid-19
International

S Korea to extend financing to developing nations to fight Covid-19

Agency News

Seoul, Apr 27: South Korean Finance Minister Hong Nam-ki announced on Monday that the far eastern nation would offer than US$400 million to developing countries to implement health programmes aimed at controlling coronavirus.

Yonhap news agency quoted Hong saying this after a meeting with economy-related ministers at Sejong, Hong added that this finance will be offered through the nation's Economic Development Cooperation Fund. In addition to this measure, the finance minister said that South Korea will also postpone debt payments worth $110 million for 26 nations considering the pandemic.

Hong acknowledged that South Korea's export-reliant economy is likely to be hit hard due to the pandemic. Earlier this month the South Korean government announced the creation of a stabilization fund to additionally support the country's key industries affected by the coronavirus pandemic.

In addition, the government plans to allocate 10 trillion won to implement an emergency employment stabilisation policy in order to actively address possible shocks in the labor market. (UNI)

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