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Peru: Get to know the economic measures to face coronavirus

16:03 | Lima, Mar. 24.

Peruvian President Martin Vizcarra on Tuesday outlined the principal economic measures adopted by his Government in order to face the coronavirus (COVID-19) and support citizens at this time.

Until Wednesday, March 18, the Government allocated S/2.382 billion (around US$670.23 million) to face the coronavirus emergency on two fronts: the first is health care and the second involves financially assisting vulnerable families as well as micro- and small-sized enterprises, according to Economy and Finance Minister Maria Antonieta Alva.

The S/380 (about US$107) bonus, aimed at 2.750 million vulnerable families, is already being granted through banking entities. Other banks and municipal savings banks will gradually join this initiative, according to Development and Social Inclusion Minister Ariela Luna.

As for the business sector, the Government has taken measures to speed up the operability of Fondo Crecer (Grow Fund), which has S/800 million (around US$226.95 million), and has launched a new fund, the Business Support Fund worth S/300 million (about US$84.84 million) in order to inject liquidity to micro, small and medium-sized companies in the country.

Other measures enable financial institutions to reschedule payments of debts amounting to S/12 billion (around US$3.404 billion) incurred by people and companies. The National Superintendence of Customs and Tax Administration (Sunat) has also adopted measures within its sector.

For its part, the Ministry of Labor and Employment Promotion (MTPE) has issued labor regulations regarding remote work, so that part of the production apparatus can continue working from home, among other measures so that the main industries continue operating.

Furthermore, Minister Alva announced that independent workers who live on a day-to-day basis will be included in the list of beneficiaries of the S/380 (about US$107) extraordinary bonus.

The Executive Branch will announce additional economic measures soon.

Remarks were made in a televised Address to the Nation, within the framework of a 15-day mandatory social isolation imposed to prevent the COVID-19 from further spreading in the South American country.

On this occasion, the President was joined by members of the Council of Ministers and other authorities. The event was held at the Government Palace in Lima.

Tuesday marks the ninth day of mandatory social isolation.

(END) MDV/RMB/MVB

Publicado: 24/3/2020