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As virus takes over the globe, economic fightback begins
  • Germany: KfW, Germany’s state development bank, will lend $610 billion to ensure companies survive and shield workers. This is the biggest aid package in the country’s post-War history; no upper limit to credit offered by KfW. Financial support in the works for firms forced to halt work and send staff home. Govt to boost investments by €3.1 billion per yr between 2021 & 2024.
  • Italy: Has announced a €25-billion package. Payments on mortgages to be suspended, lenders will offer debt moratorium to small firms and households.
  • France: Govt will stump up tens of billions of euros. Will compensate virus-related salary losses for “99%” of workers. Companies can suspend payments toward some social charges and taxes.
  • Austria: Has announced a $4.4-billion “corona crisis fund” that will offer bridge loans and credit guarantees. Looking to shorten working hours and defer taxes.
  • Sweden: Swedish central bank to lend up to $52 billion to companies via banks.
  • EU: Will establish a €37-billion investment initiative. Will also give member states flexibility on budget deficits and state aid, and guarantee €8-billion in loans.
  • European Central Bank: Will provide banks with loans at minus 0.75%, below the -0.5% deposit rate, and increase bond purchases by €120 billion this year, with a focus on corporate debt.
  • Britain: Launched a £30-b stimulus plan soon after Bank of England slashed interest rates.
  • Switzerland: Has pledged $10.5 b of aid targeted at small businesses and freelancers hit by curbs on cultural events and school closures.
  • China: China’s central bank has cut the cash that banks must hold as reserves for the second time this year, releasing $79 b. Has slashed key rates, urged banks to offer cheap loans and payment relief to cos.
  • Japan: Has unveiled a second package of measures worth about $4 b, focusing on support to small and mid-sized firms. BoJ will buy $1.90 b of five- to 10-year government bonds and inject a further 1.5 trillion yen in two-week loans.
  • US: President Trump has signed a $8.3-b emergency spending bill to combat spread of virus and develop vaccines. Treasury dept will defer tax payments without interest or penalties for certain individuals and businesses, aiming to provide more than $200 billion of additional liquidity. The Small Business Administration will provide capital and liquidity to firms hit by the outbreak. Fed cuts rates to near zero.
  • South Korea: Has announced a $9.8-billion package.
here in india after Govt raises excise duty on petrol, diesel by Rs 3 per litre. i hope new cov-19 cess will not be implemented stay bless untill then.

Read more at:
https://economictimes.indiatimes.co...ofinterest&utm_medium=text&utm_campaign=cppst

https://economictimes.indiatimes.co...-latest-updates-march16/liveblog/74644015.cms
 

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