Corona Stimulus Packages by Countries

corona stimulus package
corona stimulus package

Corona Stimulus Packages by Countries

World Bank Corona Stimulus Package: The World Bank Group has reported that it will launch a nearly $ 12 billion starter package to help countries tackle the medical and economic effects of the new type of corona virus (Covid-19) outbreak.

In the statement made by the World Bank, the funding was designed in order to enable the member countries to respond effectively to the Covid-19 outbreak and to mitigate the dramatic effects of the outbreak.

“The Covid-19 will spread over more than 60 countries, and the World Bank Group will launch an initial $ 12 billion starter package for emergency support to countries struggling with the medical and economic effects of the global outbreak,” the statement said.

usa corona stimulus package
Usa corona stimulus package

USA Corona Stimulus Packages: $ 8.5 billion package and interest rate cut

President Donald Trump signed the $ 8.3 billion emergency spending package for use in the fight against Corona and vaccine development. The Federal Reserve (FED) lowered the basic interest rate by 0.5 percent. It is the first time since the 2008 financial crisis of the FED that it has cut interest rates due to a global emergency. Investors are also waiting for new interest cuts in the coming weeks.

China: $ 15.9 to combat the outbreak

China has announced that it has allocated $ 15.9 billion to combat the corona epidemic. While Beijing has increased resources for the regions hit by the virus, the Bank of China has cut a number of rates, including the benchmark loan rate. Beijing also called on banks to provide cheap loans and ease of payment for companies affected by the Corona virus. China also reported that environmental audits for companies will be overhauled to support production.

Japan Corona Stimulus Package: second budget of $ 4 billion

Japan announced a second budget package of $ 4 billion to combat the Corona epidemic. Supporting small and medium sized companies targeted with this package. Haruhiko Kuroda, the Chairman of the Bank of Japan, also stated that more cash flow will be provided to the markets. According to sources close to the Central Bank of Japan, the institution is also preparing to take measures to prevent companies from entering the economic downturn by the end of the financial year in late March.

Germany: “Can allocate up to $ 50 billion”

In Germany, the center-left coalition decided to increase public investments by 12.4 billion euros by 2024. It also decided to make it easier for companies to request subsidies to support workers in situations such as reduced working hours.

UK Corona Stimulus Packages: $ 6.5 billion for public health

British Finance Minister Rishi Altar reported that a budget of $ 6.5 billion will be allocated to combat the Corona epidemic. The budget will be used to support public health services. He noted that this budget could be increased further if needed.

France: Credit guarantee on cash flow issues

In France, the government suspended certain taxes on companies and launched state-sponsored short-term work calendars. The government asked the Bpifrance investment bank to guarantee loans against short-term cash flow problems.

The Municipality of Paris stated that they can declare “force majeure” to companies if they do not comply with the articles of their contracts with the public sector.

Canada Corona Stimulus Package: allocates $ 728 million budget

Canada allocates $ 728 million to combat the Corona virus outbreak. Prime Minister Justin Trudeau said more could be used to combat the outbreak if needed. At a press conference, Trudeau reported that this resource will be used to support materials for vaccination research, as well as to remove materials such as protective face masks and surgical masks. In addition, the Canadian Central Bank lowered the benchmark interest rate by 0.50 percent. The Canadian Central Bank lastly lowered interest in 2009 due to the global financial crisis.

South Korea Corona Stimulus Packages: $ 9.8 billion budget package

The South Korean government, the Asian country hit hardest by the virus outside of China, announced a $ 9.8 billion support package to reduce the economic impact of the outbreak. The package includes transfer of money to areas such as healthcare system, childcare, open air markets.

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