The government has vowed the prompt budget execution of over 20 billion won for quarantine efforts amid growing concerns about the spread of a new coronavirus. 

Finance Minister Hong Nam-ki on Tuesday announced the plan while chairing an emergency meeting with the heads of economy-related ministries in Seoul.

The minister said that the government will swiftly approve the budget of 20-point-eight billion won to ensure thorough and preemptive quarantine efforts.

He added that the government will make sure any shortages or additional requirements will be covered by a reserve fund. 

The minister also vowed efforts to minimize the economic fallout of the spread of the virus, adding the government is closely checking possible effects of the spread in China on the global economy and South Korea's exports.