March 30, 2020 / 3:05 AM / 2 months ago

South Korea to draw up second extra budget, give cash payments to many families as virus relief

FILE PHOTO: South Korea's President Moon Jae-in speaks at the 8th trilateral leaders' meeting between China, South Korea and Japan in Chengdu, in southwest China's Sichuan province December 24, 2019. Wang Zhao/Pool via REUTERS

SEOUL (Reuters) - South Korea’s President Moon Jae-in said on Monday that the government will provide emergency cash payments to many families and draw up a second supplementary budget soon to ease the economic impact of the coronavirus outbreak.

The cash payments will be made to all households except the top 30% by income.

The president said the extra budget should receive parliamentary approval in April.

Reporting by Joori Roh; Editing by Kim Coghill

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