Seoul, July 5 -- The South Korean government announced it will begin distributing cash handouts to all citizens from July 21, as part of a major effort to revitalise domestic consumption amid global economic uncertainties, the Korea Herald reported.

The initiative follows the passage of a 31.8 trillion-won (USD 23.3 billion) supplementary budget by the National Assembly.

The move marks a central pillar of the Lee Jae Myung administration's first economic relief package.

The South Korean English daily reported that under the plan, every South Korean citizen residing in the country as of June 18 -- the day before the policy was unveiled -- will receive a one-time payment of 150,000 won (approx. USD 110).

The handouts, referred to as "co...