S Korean govt mobilises all possible resources to back small businesses

South Korean PM Kim Boo-kyum on Friday said the govt has mobilised all possible resources to provide additional financial support to small businesses that will be affected by the new Covid-19 curbs.

South Korean Prime Minister Kim Boo-kyum on Friday said the government has mobilised all possible resources to provide additional financial support to small businesses that will be affected by the new Coronavirus (Covid-19) curbs.

Kim spoke at a joint press briefing with economy-related ministers on the government's plan to pay 1 million won ($844) each to 3.2 million small business owners following its announcement of stricter social distancing measures on Thursday, reports Yonhap News Agency.

"We came up with additional support measures that will actually be felt by small business owners and self-employed people by fully mobilizing all of the disposable financial resources at this time," the Prime Minister said.

The measures have been devised to account for the losses that will come from a further reduction of the maximum private gathering size, he said.

Under the new curbs, which will be in effect from Saturday until January 2, private gatherings will be limited to four people, while restaurants and cafes will be forced to close at 9 p.m.

The restrictions mark a sharp reversal of the government's "living with Covid-19" scheme that launched last month with the aim of beginning a return to normal but has been blamed for a recent spike in confirmed cases and deaths.