In this Nov 16, 2016 photo, the flags of China, top, and Hong Kong are seen hoisted outside the Legislative Council (Legco) building in Hong Kong. (ANTHONY WALLACE / AFP)

Hong Kong Chief Secretary Matthew Cheung Kin-Chung called on legislators to approve the government’s proposed HK$137.5 billion relief fund to ensure that businesses and individuals hardest hit by the coronavirus outbreak can benefit without unnecessary delays.

In his Sunday blog, Cheung made the plea to legislators to consider the “urgent needs of the people” in deliberating the relief package in the Finance Committee meeting on April 17.

READ MORE: HK$137b relief package for businesses hailed

The fallout of the COVID-19 outbreak has posed unprecedented challenges to the economy, particularly the tourism, retail, catering and transportation sectors

The fallout of the COVID-19 outbreak has posed unprecedented challenges to the economy, particularly the tourism, retail, catering and transportation sectors. The worsening business climate could lead to more pay cuts, layoffs and closures, said Cheung.

Included in the relief packages is the proposed HK$80 billion to subsidize wages of employees in the worst hit sectors.

Under the scheme, the government offers to provide a six-month wage subsidy, capped at HK$9,000 per employee per month, that would benefit an estimated 1.5 million employees. The first round of the subsidy is expected t be distributed to eligible employers no later than June.

Financial Secretary Paul Chan Mo-po in his blog said that protecting jobs was not just about the economy but also about people's livelihood. Hong Kong has a workforce of 3.9 million people. Every job is important to the livelihood of a family, said Chan.

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The government has also raised the upper limit on loans to small and medium-sized enterprises and relaxed the eligibility criteria for such loans because “businesses provide jobs,” said Chan.

Cheung said the total financial commitment of the government to assist residents and enterprises in these difficult times amounted to HK$287.5 billion, or 10 percent of Hong Kong’s Gross Domestic Product. But he emphasized that Hong Kong can draw on its large fiscal reserve despite the budgeted deficit of HK$280 billion.