South Korea unveils $32bn relief fund for core industries

SEOUL — South Korea hammered out a 40 trillion won ($32.4 billion) relief fund Wednesday aimed at allowing businesses in backbone industries to keep workers on the payroll amid the coronavirus outbreak.

The emergency fund will be drawn up to fight the pandemic and safeguard jobs, President Moon Jae-in told an economic stimulus meeting. Support will go to seven key industries that employ a large number of people: airline, automobile, shipbuilding, maritime shipping, machinery, power and communications.

Companies in these industries will be eligible for loans directly extended by government-backed lenders such as the Korea Development Bank and the Export-Import

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