Finance Minister Hong Nam-ki said on Wednesday that the government will announce comprehensive measures late this month to spur investment and consumption amid the spread of the novel coronavirus.

The minister made the remarks during a meeting with the heads of economy-related ministries in Seoul to discuss responses to the virus outbreak. 

Minister Hong said in his opening remarks that the government is mobilizing all possible policy measures to prepare for the stimulus plan, believing that the nation is facing an economic emergency. 

The minister said the government will first unveil measures this week to provide liquidity and other customs support for exporters, who are expected to take a hit from the outbreak.

He said that to help local municipalities' quarantine efforts, the government will execute an additional 100 billion won from reserve funds.