Facing 'grave' economic situation, Korea shifts to emergency mode on virus - News Summed Up

Facing 'grave' economic situation, Korea shifts to emergency mode on virus


Foreigners illegally in South Korea, many of them Chinese, wait outside the immigration office on the southern Jeju Island on March 3, to apply for voluntary departure. South Korea says it is declaring 'war' on the new coronvairus that spread from China. President Moon Jae In said South Korea has begun a "war" as the crisis in Daegu and nearby North Gyeongsang province peaks, placing all government agencies on a 24-hour alert, Yonhap reports. Speaking at a weekly Cabinet meeting, he announced plans to inject 30 trillion won (US$25 billion) of funds directly or indirectly into the virus response. "The economic situation is grave," he said, adding that the government would spend 30 trillion won on dealing with the crisis, including a planned supplementary budget.


Source: The Standard March 03, 2020 06:22 UTC



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