Brazil government to inject $30 billion into economy to combat coronavirus hit

Brazil's government on Monday announced emergency measures to inject nearly...

BRASILIA - Brazil’s government on Monday announced emergency measures to inject nearly 150 billion reais into the economy to soften the blow from the coronavirus pandemic.

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. The fiscal package follows a series of measures announced earlier on Monday by the central bank to increase liquidity and lending in the banking system.

Among Monday’s measures, bringing forward the payment of the second installment of the so-called 13th salary for retirees to May from December will put 23 billion reais into their pockets, while a three-month deferral for small and medium-sized firms’ “SIMPLE” corporate taxes will save them 22 billion reais, the Economy Ministry said.

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