Canada Announces Economic Stimulus Package Against COVID-19



Canada announced on Friday a package of fiscal measures to stimulate the economy in the face of the crisis created by the COVID-19 pandemic, which includes an emergency cut in interest rates by its central bank by half a point to 0.75%.

The tax measures, which include the injection of C $ 10 billion (US $ 7.4 billion) into companies, were announced by Canadian Finance Minister Bill Morneau and Bank of Canada Governor Stephen Poloz in an unusual joint press conference in Ottawa.

The Bank of Canada already lowered interest rates a quarter of a point on March 4, to 1.25%, in response to the outbreak.

However, the collapse of oil prices -Canada is one of the main oil producers in the world- and the worsening of the pandemic have caused that the main banks have indicated in the last hours that the country will go into recession in the next few years. months.

Morneau stated that the G7 States are in permanent contact to coordinate the necessary economic stimulus measures and that the group's leaders will hold a meeting on Monday to discuss the situation.

Shortly before the announcement of the economic measures, Canadian Prime Minister Justin Trudeau, who is quarantined at his official residence after he learned yesterday that his wife, Sophie Grégorie, has contracted COVID-19, announced that Canada will restrict the arrival of foreigners.

"We are considering reducing the number of airports that will accept travelers from abroad," said Trudeau, who appeared before the media in front of his residence and kept his distance from journalists.

Trudeau did not identify the Canadian airports that will be designated for the arrival of flights from abroad.

Previously, the head of government had told Canadian public radio television, CBC-Radio Canada, that he was evaluating the closure of Canadian borders to control the spread of the new coronavirus.

The Canadian Executive also said today that cruise ships and boats carrying more than 500 people will not be able to dock in the country's ports until at least July.

So far, Canada has registered 159 cases of COVID-19 and one death, but authorities predict that in the coming months, between 30 and 70% of the population will become infected with the new coronavirus.

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Canada Announces Economic Stimulus Package Against COVID-19



Canada announced on Friday a package of fiscal measures to stimulate the economy in the face of the crisis created by the COVID-19 pandemic, which includes an emergency cut in interest rates by its central bank by half a point to 0.75%.

The tax measures, which include the injection of C $ 10 billion (US $ 7.4 billion) into companies, were announced by Canadian Finance Minister Bill Morneau and Bank of Canada Governor Stephen Poloz in an unusual joint press conference in Ottawa.

The Bank of Canada already lowered interest rates a quarter of a point on March 4, to 1.25%, in response to the outbreak.

However, the collapse of oil prices -Canada is one of the main oil producers in the world- and the worsening of the pandemic have caused that the main banks have indicated in the last hours that the country will enter a recession in the next months.

Morneau stated that the G7 States are in permanent contact to coordinate the necessary economic stimulus measures and that the group's leaders will hold a meeting on Monday to discuss the situation.

Shortly before the announcement of the economic measures, Canadian Prime Minister Justin Trudeau, who is quarantined at his official residence after he learned yesterday that his wife, Sophie Grégorie, has contracted COVID-19, announced that Canada will restrict the arrival of foreigners.

"We are considering reducing the number of airports that will accept travelers from abroad," said Trudeau, who appeared before the media in front of his residence and kept his distance from journalists.

Trudeau did not identify the Canadian airports that will be designated for the arrival of flights from abroad.

Previously, the head of government had told Canadian public radio television, CBC-Radio Canada, that he was evaluating the closure of Canadian borders to control the spread of the new coronavirus.

The Canadian Executive also said today that cruise ships and boats carrying more than 500 people will not be able to dock in the country's ports until at least July.

So far, Canada has registered 159 cases of COVID-19 and one death, but authorities predict that in the coming months, between 30 and 70% of the population will become infected with the new coronavirus.

.



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