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South Korea Unveils $9.8 Billion Extra Budget to Stem Virus Fallout

  • The coronavirus threatens Korea’s fragile economic recovery
  • Italy and Hong Kong have also announced economic aid packages
South Korean soldiers spray antiseptic solution in Guryong slum, Seoul on March 3.

South Korean soldiers spray antiseptic solution in Guryong slum, Seoul on March 3.

Photographer: Chung Sung-Jun/Getty Images

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South Korea’s government said it’s seeking a 11.7 trillion won ($9.8 billion) extra budget to help businesses hit by the world’s second-largest coronavirus outbreak, joining policy makers around the globe intensifying responses to the epidemic.

The plan was unveiled just hours after the U.S. Federal Reserve slashed interest rates by half a percentage point in the first such emergency move since the 2008 financial crisis. Group of Seven finance chiefs also issued a statement saying they’re ready to act to shield their economies from the spreading virus.