TOKYO — Japan’s Cabinet approved on Friday a record $490 billion stimulus package, including cash handouts and aid to ailing businesses, to help the economy out of the doldrums worsened by the coronavirus pandemic.

“The package has more than enough content and scale to deliver a sense of security and hope to the people,” Prime Minister Fumio Kishida told reporters.

The proposal won Cabinet approval in the evening, according to the prime minister’s office. It still needs parliamentary approval. Kishida has promised speedy action, and parliament will convene next month, he said.

The plan includes doling out $880 each in monetary assistance to those 18 years or younger, and aid for businesses.