Israel PM chairs meeting on battling virus crisis

Israeli Prime Minister Benjamin Netanyahu announced on Thursday the country would establish an "emergency cash flow" for businesses hit by the new coronavirus.

Businesses of all types have suffered a downturn as travel and tourism plummeted and worried consumers changed their habits amid the virus outbreak.

"By Sunday, the finance minister will establish an emergency cash flow assistance fund for businesses that are essential for the functioning of the economy," Netanyahu said at a meeting to discuss the health crisis.

"The next step will be that as the crisis develops, the Finance Ministry – in coordination with the Bank of Israel – will propose measures for cash flow assistance for businesses in distress due to the crisis."

Israel, which has 15 confirmed virus cases, has taken strict measures in a bid to stave off an outbreak, including banning the entry of visitors from some 10 countries.

With many tourists to the West Bank flying in through Israel's international airports, the Palestinians are also likely being affected by those measures.

The virus has started to shake Israel's tourism industry as well.

Israeli airline El Al, which has cancelled dozens of flights to countries with a virus outbreak, announced on Wednesday that it was laying off 1,000 employees in a bid to cushion the economic fallout.