South Korea to provide cash handouts to every household: Finance ministry
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South Korea has largely managed to bring the outbreak under control.
PHOTO: AFP
SEOUL (REUTERS) - South Korea's ruling party and the government on Thursday (April 23) agreed to provide cash handouts to every household, not just to families below the top 30 percentile of income as previously announced, the finance ministry said.
The ministry separately said the government will issue additional bonds to fund the cash handout.
South Korea has largely managed to bring the outbreak under control and has recently reported daily new cases of about 10. Total cases were at 10,702 as of midnight on Wednesday (April 23).
The coronavirus pandemic pushed South Korea's economy into its biggest contraction since 2008 in the first quarter, as self-isolation measures hit consumption and global trade slumped.
Since late January, the economy has been paralysed by self-isolation measures across the country, which kept businesses and shops closed and workers stuck at home.