Brazil Unveils $30 Billion Plan to Offset Virus’ Economic Impact

• Economy Minister Paulo Guedes plans to inject nearly 150 billion reais ($30 billion) into the Brazilian economy to offset the impact of coronavirus.
• More than half of that amount, or 83.4 billion, would be directed to support poor and elderly people. Those benefits include the early payment to pensioners of a year-end bonus known as a 13th salary, and a boost to Brazil’s Bolsa Familia welfare program.
• Guedes said the Brazilian economy will suffer a strong impact of the coronavirus crisis but is likely to bounce back in a few months.
• The package also includes specific measures such as removing taxes on coronavirus-related medical supplies, as well as $90 million for public health clinics.

(Source: Bloomberg