S. Korea to issue state bonds for coronavirus relief payouts

The government announced Thursday it will sell additional state bonds to finance blanket payouts for all South Koreans in a proposed coronavirus relief package.

The finance ministry also said those who choose not to apply for the handout -- set up to help those in dire straits due to the COVID-19 pandemic -- or who donate their share will receive tax deductions.

The ministry said political parties and the government have reached a consensus on this particular measure, designed to encourage high-income earners to aid people in need, such as those who've lost jobs amid the fallout from the virus.

"We'd like to ask for cooperation from the National Assembly, so that these plans will be passed quickly," the ministry said in a statement. "The government will be prepared to provide emergency relief funds as soon as possible."

Last Thursday, the government submitted a supplementary budget bill worth 7.6 trillion won ($6.2 billion) that calls for providing 1 million won to four-person households in the bottom 70 percent income bracket. (Yonhap)