President Moon Jae-in has urged the government to swiftly utilize reserve funds in the fight against COVID-19 and also consider drawing up a supplementary budget if necessary in cooperation with parliament.

Chairing a meeting of senior aides on Monday, Moon called for a bold injection of funds to minimize corporate damage, encourage public spending and revive local economies hit by the outbreak.

With the president's direct order, talks on an extra budget, which rival parties agree on, are expected to accelerate.

Moon's latest remarks are believed to stress the need to prevent an economic contraction through active fiscal policies alongside quarantine efforts amid the further spread and expected protraction of the viral outbreak.

Moon said public anxiety and economic impact are both mounting, and assured the government is in emergency mode to face the dual challenge of quarantine and economic fallout.

He asked the government to take special measures in this extraordinary situation in a swift and aggressive manner, mobilizing all available policy tools.