Canada unveils C$27 billion aid package amid coronavirus outbreak

18 Mar 2020 20:55
22 Jan 2026 03:37

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Canada unveils C$27 billion aid package amid coronavirus outbreak

Canadian Prime Minister Justin Trudeau on Wednesday said his government would provide C$27 billion ($18.6 billion) in stimulus directly to families and businesses struggling because of the coronavirus outbreak, Reuters reports,

Trudeau also told reporters the government would provide C$55 billion in additional aid to businesses and households through tax deferrals.

“In these extraordinary times, our government is taking extraordinary measures,” Trudeau said at a news conference outside his home, where he has been under quarantine since last week when his wife tested positive for COVID-19.

“(These) economic measures will ensure that our economy rebounds after this ... our government is prepared to do more.”

Canada has recorded about 600 cases of the virus nationwide and eight deaths.

The Canadian dollar weakened further after the announcement, touching a four-year low of 1.4535 to the U.S. dollar.

Bank of Canada Governor Stephen Poloz will not announce another interest rate cut when he addresses the media on Wednesday, the central bank said in a statement earlier on Wednesday.

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