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ndonesia is planning to offer government debt papers to the market, the proceeds of which would be used to fund programs that rescue businesses suffering from COVID-19 and prevent layoffs.

Office of the Coordinating Economic Minister secretary Susiwijono Moegiarso said Thursday the government would issue a regulation in lieu of law (Perppu) on Friday to facilitate the plan.

The so-called “recovery bond” can be bought by Bank Indonesia (BI), as well as exporters and importers, Susiwijono said, adding the Perppu would enable the central bank to buy government bonds not only in the secondary market. The existing law on BI prohibits the central bank from buying government bonds except in the secondary market.

“The government will handle the proceeds of the funds to finance all businesses. This is to awaken business activities,” Susiwijono said during a media briefing.

Companies looking to receive funds from bond sales were barred from employee layoffs, he said.

“If they need to lay off employees, then they must keep at least 90 percent of their employees with the same salary amounts [as before the crisis].”

The government’s plan comes as European Central Bank chief Christine Lagarde asks eurozone finance ministers to seriously consider a one-off joint debt issue of “coronabonds” to help fight the coronavirus pandemic, Reuters reported.

The COVID-19-driven slowdown was likely to slash Indonesia’s growth to just above 4 percent this year, the lowest in 15 years, Finance Minister Sri Mulyani Indrawati said as the government prepares for the worst-case scenario of zero growth. From empty malls to factory disruptions, micro and small businesses have suffered the most.

The government would reallocate Rp 62.3 trillion (US$3.9 billion) of state spending from the 2020 budget to tackle COVID-19 in Indonesia, on top of the Rp 120 trillion allocated to stimulate the economy.

BI has also spent Rp 168.2 trillion so far this year, buying government bonds in the secondary market to stabilize the rupiah as foreign investors dump Rp 125.2 trillion worth of government bonds. The rupiah, now at around 16,277 per US dollar, is the worst-performing currency in Asia.

“The central bank will continue to intervene through the spot market, domestic non-deliverable forwards and bonds if needed,” Perry pledged as the rupiah weakened almost 20 percent since January.

As of Thursday, Indonesia had 893 confirmed cases of COVID-19 and 78 deaths. Globally, the pneumonia-like illness has infected over 488,000 people and has claimed at least 22,000 lives.

President Joko “Jokowi” Widodo has revealed that government officials and legislators are in talks to raise Indonesia’s budget deficit cap, which would allow the state to borrow more money to fund emergency response measures to the pandemic. The budget deficit cap could be raised to 5 percent from the current 3 percent ceiling.

Major restaurant chains, hotels and travel-related businesses have been hit hard by the downturn as a consequence of people staying at home to slow down the COVID-19 infection.

Hotel occupancy rates around tourist areas in Indonesia have dropped to 20 percent, according to the Indonesian Hotel and Restaurant Association (PHRI). Around 1,200 companies engaging in event-organizing business reported massive cancellations and postponements amounting to between Rp 898.2 billion and Rp 2.65 trillion, based on Indonesia Event Industry Council (Ivendo) data.

Major restaurant chains are hard hit by the coronavirus outbreak, as more than 70 percent of medium to large-scale restaurants are located in malls and office spaces, according to Indonesia Statistics (BPS) data.