Seoul: President Lee Jae Myung on Thursday instructed senior aides to draw up measures to maximize effects of cash handouts, which is a part of an extra budget as a stimulus package to boost private consumption. Lee gave the instruction at a meeting with senior aides earlier in the day, the presidential office said, as the government plans to provide the money called "consumption coupons" to all citizens from July 21.

According to Yonhap News Agency, "Consumption coupons are the capillaries of people's livelihoods, vital for the swift recovery of the economy," Lee told the meeting, according to his office. "The economic situation is very grim especially for the underprivileged and low-income households." Last week, the Cabinet approved a 31.8 trillion-won ($23.3 billion) supplementary budget. Of the total, 12.1 trillion won has been allocated for consumption coupons to boost weak domestic demand.

Under the plan, all South Korean citizens will receive a one-time payment of at least 150,000 won, depending on their income levels. At the meeting, Lee also directed ministries to mobilize all resources possible to protect the public's health and property amid a record-breaking heat wave.