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Singapore said it will set aside S$800 million ($575 million) in its budget to counter the coronavirus outbreak, and give S$5.6 billion in support to businesses and consumers to cushion the economy.

Finance Minister Heng Swee Keat outlined the measures in his budget speech in Parliament on Tuesday.

The government is putting in every effort to “slow down the spread of the virus,” Heng said. Of the $5.6 billion economic support, S$4 billion will primarily go toward supporting businesses with wage costs. The rest will support consumers by offering “additional, timely help to more households with cost of living,” especially for lower-income families.

Singapore had been planning additional stimulus for businesses hit by the ongoing U.S.-China trade war before the coronavirus outbreak set in earlier this year. The city state, which has more than 70 confirmed cases of the virus, is seeing a loss of as many 20,000 tourists a day amid travel curbs, and is bracing for a 25%-30% plunge in tourism spending this year.

--With assistance from Chanyaporn Chanjaroen, Melissa Cheok and Jasmine Ng.

To contact the reporters on this story: Michelle Jamrisko in Singapore at mjamrisko@bloomberg.net;Kyunghee Park in Singapore at kpark3@bloomberg.net;Faris Mokhtar in Singapore at fmokhtar1@bloomberg.net

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net

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