Finance Minister Hong Nam-ki said the government must prepare in advance for a post-coronavirus era when the country lifts quarantines measures and overcomes the economic crisis from the pandemic.

In a meeting with the heads of private sector think tanks on Thursday, the finance chief sought opinions on how to prepare for the days following the end of the outbreak.

Hong said unlike past economic crises, the fallout from COVID-19 is global, affecting both the real economy and financial markets.

In light of this, he stressed South Korea needs to seek solutions under a bigger framework.

The minister said the government is pushing for relief measures worth 150 trillion won, but there's still a long way to go, adding that in the financial sector the money supply is not smooth and there are many requests for stronger fiscal measures.