South Korea has announced an expanded economic rescue package of KRW100 trillion (US$80 billion) to save companies hit hard by the coronavirus outbreak.

The package, which is twice the size of previously announced, was unveiled by South Korean President Moon Jae-in at an emergency economic meeting, Reuters reported. It includes KRW29.1 trillion in loans to small- and medium-sized businesses; while another KRW20 trillion will be used to buy corporate bonds and commercial paper of credit-troubled companies.

The Financial Services Commission will create a KRW10.7 trillion won facility to help stabilise stock markets. In April, it will also open a bond buying facility that will be funded by more than 80 financial institutions, including the Bank of Korea, various commercial banks, and insurers.

As countries the world over suffer due to prolonged shutdowns and business disruption, many governments have taken actions to rescue and revive their economies. South Korea, Asia’s fourth-largest economy, has seen its hospitality, travel, and entertainment industries take a massive hit.

“We will make sure that companies don’t go bankrupt from the COVID-19 shocks,” Moon was quoted as saying in the report. “Normal, competitive companies will never be shut just because of a temporary liquidity shortage.”