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Get to know Peru's latest economic measures to face COVID-19 emergency

00:00 | Lima, Mar. 27.

President Martin Vizcarra announced the extension of the state of national emergency until April 12 to contain the spread of the novel coronavirus (COVID-19) in Peru.

In this line, the Head of State made a series of economic announcements aimed at providing support and greater liquidity to Peruvian families and companies, which are listed below.

1. A transfer of S/200 million (about US$57.09 million) to 1,874 municipal and provincial municipalities across the country to acquire essential products of the basic family basket and distribute them to the poorest families within their jurisdictions.

2. A group of around 800,000 independent worker households will each benefit from the exceptional bonus of S/380 (about US$107),

bringing the total number of beneficiaries to 3.5 million households.

3. The withdrawal of up to S/2,400 (about US$685.12) from the Service Time Compensation (CTS) is authorized to guarantee the liquidity of Peruvian families during the state of emergency. This measure will inject S/4 billion (US$1.14 billion) into the Peruvian economy.

4. A one-month suspension of contribution into the private pension funds or AFPs, on an exceptional basis, that is, this amount shall not be deducted from their incomes in April.

5. The State will grant a subsidy amounting to 35% of the salaries of employees who earn up to S/1,500 (about US$428.2) per month, in order to preserve employment and support companies.

6. In order to ensure liquidity for companies, the Ministry of Economy and Finance is coordinating with the Central Reserve Bank to analyze the required measures.

7. The Executive Branch submitted a bill to Parliament asking for special powers to legislate during the health emergency, which consisted of 11 items.

8. The Government stipulated that the suspension of productive, school and academic activities will remain in force. However, activities that ensure the continuity of the food supply system, drugstores, banking system, among others, are exempt from this order.

(END) CNA/RMB/MVB

Publicado: 27/3/2020