FILE PHOTO: Canada’s Prime Minister Justin Trudeau attends a news conference at Rideau Cottage in Ottawa, Ontario, Canada March 17, 2020. REUTERS/Blair Gable
March 18, 2020
By Steve Scherer and David Ljunggren
OTTAWA (Reuters) – Canadian Prime Minister Justin Trudeau on Wednesday said his government would provide C$27 billion ($18.6 billion) in stimulus directly to families and businesses struggling because of the coronavirus outbreak.
Trudeau also told reporters the government would provide C$55 billion in additional aid to businesses and households through tax deferrals.
“In these extraordinary times, our government is taking extraordinary measures,” Trudeau said at a news conference outside his home, where he has been under quarantine since last week when his wife tested positive for COVID-19.
“(These) economic measures will ensure that our economy rebounds after this … our government is prepared to do more.”
Canada has recorded about 600 cases of the virus nationwide, and eight deaths.
The Canadian dollar <CAD=D4> weakened further after the announcement, touching a four-year low of 1.4535 to the U.S. dollar.
Bank of Canada Governor Stephen Poloz will not announce another interest rate cut when he addresses the media on Wednesday, the central bank said in a statement earlier on Wednesday.
(Reporting by Steve Scherer and David Ljunggren, additional reporting by Kelsey Johnson. Editing by Franklin Paul)
