South Korea will make emergency cash payments to all but the richest families and come up with a second additional budget next month to ease the economic impact of the coronavirus, said President Moon Jae-in.

After an emergency meeting with central bankers, Moon Jae-in said “emergency aid” of up to 1 million KRW would be paid to any household except the first 30% of income, or a total of about 9.1 trillion KRW (7.44 billion USD).

Authorities say they will prepare another 7.1 trillion KRW (5.80 billion USD) additional budget that will be voted on by parliament in April and some small and medium-sized companies will be exempted from paying utility bills from this month.

“Citizens have suffered from the coronavirus, and they all deserve to be rewarded for their pain and their involvement in contagion control initiatives”, said Moon Jae-in. “The government needs to retain as much financial strength as possible to deal with the economic shock and to respond immediately to labor market uncertainty and any potential corporate liquidity crisis”, added he.

The new package is the latest in a series of steps the government has taken to ease the pressure on Asia’s fourth-largest economy.

Finance Minister Hong Nam-ki said the government would have to issue deficits and finance at least part of the second budget.

Previously announced measures include a reduction in the central bank’s base interest rate, an additional budget of 11.7 trillion KRW (9.54 billion USD), an increase in the forex position for banks and a bailout for companies totaling 100 trillion KRW (81.6 billion USD).

South Korea has largely managed to control the epidemic and has received worldwide praise for its efforts. The Korean Center for Disease Control and Prevention announced 78 new infected ones on Monday, at least 13 of which came from abroad.

South Korea announced on Sunday that everyone coming from abroad will have to undergo a two-week mandatory quarantine period starting April 1st. Violation of this provision will be punishable by a year in prison or a fine of up to 10 million KRW.