(From left) Hong Kong Chief Secretary for Administration Matthew Cheung Kin-chung, Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor, and Hong Kong Financial Secretary Paul Chan Mo-po attend a press conference in Hong Kong, April 8, 2020. The HK government announced relief measures totalling HK$137.5 billion at the press conference. (PARKER ZHENG / CHINA DAILY)

HONG KONG - Hong Kong announced relief measures totalling HK$137.5 billion (US$17.7 billion) on Wednesday as it joins global efforts to offset the impact of coronavirus, which has taken a heavy toll on the city, in particular its tourism and retail sectors.

The package will include a HK$80 billion job security program to subsidize 50 percent of wages for affected workers for six months, Chief Executive Carrie Lam Cheng Yuet-ngor said at a press conference Wednesday evening.

The government also will suggest that transit operator MTR Corp. starting in July will cut fares by 20 percent for six months, Lam said

The government also will suggest that transit operator MTR Corp. starting in July will cut fares by 20 percent for six months, Lam said.

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“As we are facing an unprecedented challenge, the government has to respond in an unprecedented manner,” she said.

The Hong Kong government had been under pressure to add more support for an economy that had already slid into recession following months of political unrest and now faces shutdowns to curb the virus outbreak. In February, the government announced a HK$30 billion anti-epidemic fund and a HK$120 billion relief package in the annual budget centered on a HK$10,000 handout to all permanent residents age 18 and above.

This apart, as announced by Lam, job security payments will be capped at HK$9,000 per individual for six months. The payments are expected to be made no later than June and about 1.5 million residents would benefit.Also, 30,000 jobs will be created, including civil service positions and internships.

This apart, as announced by Lam, job security payments will be capped at HK$9,000 per individual for six months

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The government pledged a 75 percent reduction in rent for tenants of government properties.

The relief measures also include waiver of registration fees for medical workers.

Lam and other key officials pledged to take a 10 percent salary cut for one year.

READ MORE: HK business activity slumps further in March amid outbreak

The additional spending announced Wednesday almost doubles Hong Kong’s projected budget deficit for the 2020-2021 fiscal year to HK$276.6 billion from an earlier estimate of HK$139.1 billion, Lam said.

This accounts for about 9.5 percent of the city's gross domestic product, she said.

Government reserves are also expected to drop to as low as HK$800 billion as a result of the relief measures, Financial Secretary Paul Chan said at the press conference.