Knowing the aids provided by 5 top countries to curb financial loads due to coronavirus
As the coronavirus continues to spread across the country, UP government announced an aid of Rs 1,000 each in the bank accounts of 35 lakh labourers, and free rations for a month to about 1.65 crore daily wagers and construction workers. Kerala government earlier announced a Rs 20,000-crore package, including a Rs 2,000 for the MNREGS and Rs 2,000 crore loan to members of the poverty eradication and Kudumbashree (women’s empowerment scheme) over two months. Delhi government announced free rations with 50 per cent extra quantity to 72 lakh people. They also doubled the pension for elderly, specially-abled citizens and widows.
Many governments across the world have announced large spending programmes to help individuals and business stay afloat, here are some of them:
United States
The White House is negotiating a package with Congress, which could exceed $2 trillion. The Republicans Senators have already disclosed a package of $1 trillion. This could include direct payments to Americans of certain income threshold, $300 billion in forgivable loans for small businesses and $200 billion in loans to distressed industry sectors.
United Kingdom
The United Kingdom government will pay grants covering up to 80 per cent of the salary of workers if companies keep them on their payrolls, rather than laying off. The UK has also presented financial measures including £330 billion in loans, £20 billion in other aid and grants for pubs and retailers.
Read more: How countries are dealing with Coronavirus across the world?
Canada
The Prime Minister Justin Trudeau will provide up to $27 billion in direct support to business and workers, plus $55 billion to meet the liquidity needs of the household through tax deferrals and businesses.
Italy
Italy is one of the worst-hit country due to coronavirus. The Italy government has suspended loans and mortgage repayments for families and companies, increase funds to help firms pay workers temporarily laid off. They also provided €3.5 billion to support the healthcare system along with € 10 billion support workers and families.
Spain
The Spain government announced € 100 billion of loans and guarantees for companies in need of money as part of the ‘biggest mobilisation of resources in the country’s democratic history’. The Prime Minister Pedro Sanchez has nationalised all hospitals. The Spain government will subsidise workers who have been temporarily laid off by giving them access to the benefits system.
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