Japan on Tuesday unveiled country’s largest ever $990 billion stimulus package to help struggling businesses and households cope with the impact of the coronavirus outbreak, local media reported.

Prime Minister Shinzo Abe’s Cabinet has granted approval to the package, according to Kyodo news agency.

“Japan’s economy faces biggest crisis in postwar era,” Kyodo quoted Abe as saying.

The economic package is equivalent to 20% of the country’s GDP.

The economic package came after Abe declared a monthlong state of emergency in seven prefectures, including capital Tokyo.

During 2008 financial crisis, Japan had announced 56.8 trillion yen ($52billion) emergency package.

Read more: COVID-19: Japan unveils $990B package to support economy