Finance Minister Hong Nam-ki speaks at a meeting with economy-related ministers.
The government says it will work to provide 300 billion won in emergency loans to local budget airlines that are facing difficulties due to the novel coronavirus outbreak.
During an economy-related ministers' meeting on Monday, Finance Minister Hong Nam-ki said the government plans to support low-cost carriers and additionally set up a 60 billion won fund to help support the nation's shipping industry.
More than 80 percent of flights between South Korea and China have been suspended or cut due to concerns over the spread of the virus.
Minister Hong said banks will also be encouraged to offer small tourism companies 50 billion won worth of loans with an annual interest rate of 1 percent.
South Korea's tourism and aviation sectors are expected to face more hits as a large proportion of visitors come from China, where the new virus has killed more than 1,700 people and infected over 71,000.■
<Photo: Yonhap News>
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