(Mar 13): Indonesia unveiled an emergency fiscal stimulus plan worth 22.92 trillion rupiah ($2.2 billion) as it seeks to protect Southeast Asia’s largest economy from the coronavirus crisis.

The package announced Friday, which includes a raft of tax breaks, would help push the budget deficit to 2.5% of gross domestic product, from an initial target of 1.76%, Finance Minister Sri Mulyani Indrawati said. “These won’t be the last measures,” she said.

The new package, which follows US$745 million ($1.05 billion) in stimulus announced last month, comes amid a deteriorating outlook for Indonesia’s economy. Despite only 34 confirmed cases of the virus in a population of about 270 million, the country has been hit hard by the risk aversion sweeping global markets, with Indonesia’s stock index now in bear territory and the currency down about 7.5% in the past month.

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