By Lee Hana

President Moon Jae-in on April 6 thanked the country's major banks for their active cooperation, saying it made possible the emergency aid package worth KRW 100 trillion for businesses hit by the COVID-19 outbreak.

"Unlike previous financial measures taken during past economic crises, the measures this time have been put in place preemptively, ahead of the emergence of a full-fledged crisis. The scale of support has also been beyond market predictions," he said.

In a meeting of the Federation of Korean Banks in Seoul on responding to the pandemic, the president said, "Countermeasures have been prepared well, but what is more important is to implement them in the right place at the right time," asking banks to fully support companies, small and medium businesses, and the self-employed.

"Microbusiness owners and the self-employed, who have suffered the first direct hits from the COVID-19 outbreak, still find it very difficult to secure loans. I ask you to attend to this matter in particular," he said.

For businesses in need of financial support, the president urged the provision of ample funding at the right time and where such funds are most needed, adding, "Protecting businesses is how we protect the lives of citizens." 

"Since the Bank of Korea decided to provide sufficient liquidity to back the efforts of the financial sector, it will be of great help if the financial industry continues to stand together."

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