On Sunday, June 21, FSC Chairman Yim Jong-yong visited local markets deserted after the outbreak of the Middle East Respiratory Syndrome (MERS). To the merchants struggling from slumping sales, he assured that the government is exerting its utmost efforts to calm the current situation.
He also said that the government will expand financial support including Microcredit loans to the MERS sticken merchants. Total volume of Microcredit loan will be increased by 200% to 4 billion won. Moreover, the FSC will pursue to temporarily apply lower interest of 3.5%, which is currently at 4.5%, for Microcredit loans newly given out from June 22.
The FSC is urging financial institutions to more actively provide financial aids to the businesses influenced by the MERS outbreak. A plan to strengthen microfinancial support will be announced shortly to ensure ample funds are channeled throughout all corners of the society to revive the economy.