Canada creates new funding to counter the impact of coronavirus

Canada coronavirus funding
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Canada will deal with the coronavirus outbreak through the creation of a new funding.

Canadian Prime Minister Justin Trudeau announced the launch of Canada’s Can$1 billion funding to help the country manage the coronavirus epidemic.

“It will provide funding to provinces and territories to help them prepare for any possibility and to mitigate risks to Canadians,” Trudeau said in his news conference.

Canada has recorded one death so far from 2019 coronavirus disease (COVID-19). The country is also monitoring nearly 100 confirmed cases.

The new funding of Canada will reduce the risks of the coronavirus outbreak. The resources will be used to support provincial health systems and send financial aid to Canadians forced to remain isolated.

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“No one should have to worry about their job if they have to be quarantined. No employer should feel like they have to lay off a worker because of the virus. We can support you. And we will,” Trudeau said.

“Today’s announcement is significant, but we are already preparing to do more, if need be,” he added.

Trudeau pointed out that making the credit accessible can help businesses handle a short-term cash crunch. He also noted that the government would work “to protect jobs and to be there for businesses.”

Trudeau will ease restrictions on employment insurance payments for people who could not go to work due to illness by waiving the waiting period for benefits.

Coronavirus in Canada

Last week, the Bank of Canada made a 0.5 percent cut in its key lending rate. The bank explained that the spread of the virus created a “material negative shock” to the Canadian and global economies.

The bank predicts a slow growth in terms of economic activity in early 2020, adding that it is prepared to further reduce rates if needed and keep inflation on target.

Meanwhile, the Public Health Agency of Canada also released its guidelines for event planners as they try to determine whether to cancel mass gatherings of people.

Event ogranizers are encouraged to evaluate risks, study factors like the ages of the participants, and whether they are likely to be taking place in areas impacted by COVID-19.

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