Brazil’s government on Monday announced emergency measures to inject nearly 150 billion Reais (USD 30 billion) into the economy to soften the blow from the COVID-19 pandemic.
The fiscal boost represents a rapid turnaround for Economy Minister Paulo Guedes who, as recently as the weekend, insisted that Brazil could swim against the global tide and grow by as much as 2.5% this year.
The package does not contain new money, but is a range of measures mostly bringing forward social assistance payments, deferring company taxes, and making it easier for people to access workers’ severance funds.
According to the Economy Ministry, 83.4 billion Reais (USD 16 billion) will be freed up for the most vulnerable people in society, 59.4 billion Reais (USD 11 billion) will help companies keep jobs filled, and 4.5 billion Reais (USD 8 billion) will go to directly combating the COVID-19.
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