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Economy

South Korea prepares economic stimulus to cushion virus impact

BTS concert canceled, schools stay closed as nearly 1,000 cases confirmed

An employee from a disinfection service company sanitizes the floor of Seoul Railway Station in Seoul, South Korea, Feb. 25.   © Reuters

SEOUL -- South Korea is preparing to turn on the fiscal and monetary taps in an attempt to cushion the economic impact of the new coronavirus that has paralyzed daily life in many parts of the country.

The Finance Ministry said on Tuesday it is preparing an extra budget and will quickly submit it to National Assembly for ratification. While the ministry did not give the size of the spending package, local media reported it would be around $10 billion, or 2% of the total 2020 budget.

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