Coronavirus pandemic: Making countries poorer by billions

The US Federal Bank has launched a stimulus package to combat coronavirus. The new fed interest rates will now be targeted at 0 per cent and 0.25 per cent down from previous target range of 1 per cent to 1.25 per cent. Besides, it will offer $1.5 trillion stimulus package in treasuries and mortgage-backed securities.

German state bank, KfW, will lend as much as 550 billion euro ($610 billion) to companies to protect workers from coronavirus impact. This government-backed loan is one of the biggest economic aid package in the country's post-war history to help cope with the impact of coronavirus.

Britain has unveiled $427 billion spending package to tackle the impact of coronavirus. The fund has been given in two tranches of $33 billion and $385 billion respectively. The UK government will give a 500 million pound hardship fund to local authorities to help people who cannot work. The UK government is also setting up a 1.2 million pound "interruption loan" for small and medium sized businesses affected by coronavirus. Britain has reported 3269 coronavirus cases and 144 deaths so far.

Sweden is ramping up its funding to save its economy. Sweden's central bank says it will lend up to 500 billion crowns ($52 billion) to companies via the banks to keep them from "being knocked out as a result of the spread of the coronavirus." The government announced another 300 billion crowns ($30.9 billion) on March 16. Sweden has reported 1,439 cases of coronavirus, and 11 deaths so far.

China's central bank has released 550 billion yuan ($79 billion) to help its coronavirus-hit economy. The central bank has also encouraged country's other banks to lend more to small firms and other vulnerable sectors. It has urged lenders to extend cheap loans and tolerate late payments from companies who have been hit by the crisis.

France will be mobilising $50 billion to help its companies and employees struggling with coronavirus pandemic. The France Finance Minister Bruno Le Maie said that a large part of the 45 billion euro was the deferral of all tax payments and payroll charges that companies were due to pay in March. The amount comes in addition to 300 billion euros ($334 billion) in government loan guarantees that President Emmanuel Macron announced on March 16.

Giuseppe Conte's government in Italy has planned economic support package of 25 billion euros ($27.94 billion). The package will provide extra funding for the health system. The government has also announced measures such as freezing tax and loan payments to help companies and households. Italy is the worst affected European country. Italy has recorded 3,405 deaths till March 20.

The central bank of the United Arab Emirates has announced a $27 billion stimulus package to deal with the economic effects of the coronavirus pandemic.

Switzerland is keeping aside 10 billion Swiss francs ($10.5 billion) as immediate assistance to support businesses hit by coronavirus. The number of coronavirus cases in Switzerland leapt by 800 on March 15 alone. As of 19 March the total cases in Switzerland were at 4,222 out of which 43 people had scumbled to COVID-19

South Korea has announced a stimulus package of 11.7 trillion won ($9.8 billion) to combat the pandemic. Of the 11.7 trillion won proposed, 3.2 trillion won will make up for the revenue deficit while 8.5 trillion won will be used for extra fiscal injection.
So far, the death toll due to coronavirus has climbed to 94 in South Korea and it has reported as many as 8,652 cases.

Japan has announced a second package of measures worth $4 billion to cope with the crisis. Previously, Japan allocated a $4.6 billion fund to fight the COVID-19. The new package is to improve medical facilities and supplies of masks. The central bank aims to ensure that companies hit by the outbreak do not face a financial squeeze. There has been 963 cases of coronavirus in Japanese mainland. Out of which 33 infected people have died.

Austria has decided to keep aside 4 billion euros ($4.4 billion) for liquidity and subsidies to support the economy against coronavirus outbreak. The initial 4 billion euro "Corona Crisis Fund" would cover items such as bridge loans and credit guarantees to shore up businesses' liquidity. Help with shortening working hours for staff and deferring taxes would also be provided, Reuters reported.
As of March 19, Austria had registered 2,196 coronavirus cases and six deaths.

On March 15, India also pledged $10 million (Rs 74.18 crore) towards SAARC coronavirus emergency fund. The fund pledged by India is an initial contribution that can be expanded going forward. India has reported 201 positive cases and five deaths till now.