Cabinet has directed the Finance Ministry to come up with an economic stimulus package in response to the latest coronavirus outbreak.

Finance Minister Lim Guan Eng (above) said the outbreak has taken a toll on the economy in general, and in particular, the tourism industry.

Before announcing the details, Lim said his ministry will need to confer with the Economic Affairs Ministry, Tourism Ministry and International Trade Ministry.

He said his ministry will also consult industries and companies involved in services.

The cabinet had met this morning.

The latest coronavirus outbreak has infected 24,542 people at the time of writing and caused 492 deaths, almost entirely in China.

This has affected the air travel industry and dampened stock market performance across Asia.