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Peru readies more than $26 billion to fight pandemic

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Christian Fernsby ▼ | April 1, 2020
Fighting the coronavirus and preventing its causes, the collapse will cost Peru more than 90 billion soles (about $26 billion), Economy and Finance Minister Maria Antonieta Alva reported.
Maria Antonieta Alva
Economy and Finance Minister   Maria Antonieta Alva
The economy minister stated on Monday that the high sum is 12% of the Gross Domestic Product (GDP), and referred that the expenditure will absorb until this week about 7% of GDP.

Topics: Peru

In the so-called first phase to contain the pandemic and of measures such as social subsidies, it amounted to 20 billion soles (about $US5.800) or 2.8% of GDP, Alva noted.

The measures, of business support, will allow preserving jobs, by giving liquidity to the companies so that they pay wages and thus avoid that, due to the economic paralysis for the general quarantine, the payment chain is broken and the economy is collapsed, she said.

The minister announced that specific measures are coordinated for the most affected sectors such as tourism, gastronomy and commercial aviation, due to the general quarantine in force since March 16 and will last until April 13.