The announcement was made by Deputy Prime Minister Davies Steven, who said the government had in place an emergency response plan which would immediately release K10 million of the that amount.
Davies said the K10 million will be released in the coming days to take care of confirmed cases.
Davies said NEC has established a coronavirus Ministerial Committee chaired by the Minister for Health Jelta Wong, whose role was to oversee the emergency preparedness and response of the government to this outbreak.
"We have been screening travellers from countries affected by the coronavirus. So far, more than 287 flights, and more 17,500 inbound travelers have been screened.
"Out of the 17,500 travellers screened, seven were classified as persons of interest, and samples collected from them were tested at the Institute of Medical Research in Goroka, Eastern Highlands Province. All tests were negative for coronavirus," Steven said.
Steven stressed the need for careful hygiene. "People must practice hand hygiene, wash your hands regularly with soap and water, respiratory hygiene - cover your cough - and food safety - cook food well before eating - as a prevention measure for oneself as well as your family members and your community."
The acting Health Secretary Dr Paison Dakulala supported Steven's sentiments and urged Papua New Guineans to be stringent with personal hygiene.
"Please don't be a hero - go on and deal with your personal hygiene now, seriously, while we don't have any cases," he said.