(MENAFN) The South Korean government agreed to inject USD20 billion into the weakening economy, which has been hit by the MERS virus outbreak and slow consumption, AFP reported.
The stimulus package was passed at a cabinet meeting of government ministers. The extra spending is expected to raise the economic growth rate by 0.3 percent this year and 0.4 percent in 2016.
The package includes an already-announced USD133.5 billion supplementary budget and USD6.23 billion of other expenditures such as expanded investments by state companies and additional credits for exporters.
"The extra budget will help revitalize the economy and stabilize the livelihoods of ordinary people who have been affected the most by the fallout from MERS," Vice Finance Minister said.
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