OTTAWA (HRNW) – Canadian Prime Minister Justin Trudeau said on Wednesday his government would provide C$27 billion ($18.6 billion) in direct support to families and businesses struggling because of the coronavirus outbreak, and stood ready to do more.
It was his biggest move yet to combat the economic impact of the fast-spreading virus, which has infected some 700 Canadians in all 10 provinces, killing nine. In an unprecedented move, Canada and the United States shut their vast common border on Wednesday to non-essential travel.
The aid package did little to assuage investors. Canada’s main stock market fell 6% and losses for the loonie were the biggest in nearly 10 years.
The government will provide C$55 billion ($38 billion) in additional aid to businesses and households through tax deferrals. The combined measures will put more than 3 percentage points of the country’s annual output into circulation, officials said.
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