$54 billion and counting: U.S., Europe and Asia respond to virus
Governments around the world have opened up the fiscal spigots to fight the spread of the coronavirus outbreak.
More than $54 billion in budget support has already been pledged or is under consideration to counter the virus's impact, with governments adopting a mix of cash handouts, tax breaks and transfers.
While numerous Asian countries have allotted funds, Europe's spending is almost entirely confined to Italy, where the outbreak has taken a particularly big toll. The U.S. has earmarked $7.8 billion.
Here's a look at what's been announced so far:
China
- Top leaders signaled a "more proactive" fiscal policy, alongside steps already taken by authorities to cushion the economy and support financial markets.
- Among the upcoming measures: more targeted, phased tax cuts; increase in local government special bond quota; more fiscal transfers from central government to local virus-hit regions
Japan
- Prime Minister Shinzo Abe has pledged to take additional economic measures if needed.
- Economic adviser to PM said the government should consider 5 trillion yen ($47 billion) in extra spending toward virus relief.
South Korea
- 11.7 trillion won ($9.9 billion) was allocated in a special budget to aid medical response, businesses, households.
- Tax breaks, rent subsidies announced Feb. 28.
Australia
- Treasurer Josh Frydenberg said the government is preparing to spend billions of Australian dollars to help businesses cope with the virus fallout.
Indonesia
- A stimulus package of 10.3 trillion rupiah ($727 million) includes fiscal incentives, grants to local governments and a boost to social security funds.
- A second, "bigger" tranche is being planned to help middle-income earners.
Thailand
- More than 100 billion baht ($3.2 billion) in special stimulus measures being considered, including soft loans, tax measures to boost stock market and cash handouts.
- The spending would add to just-passed budget that's expected to spur 640 billion baht in investment.
Singapore
- S$6.4 billion ($4.6 billion) allocated in annual budget toward virus response, support for businesses and consumers.
- Of that, S$800 million is dedicated spending to combat virus, the bulk of which will go to the Health Ministry.
Hong Kong
- HK$120 billion ($15 billion) relief package announced in annual budget.
- Includes HK$10,000 payment to each permanent resident 18 years or older.
Malaysia
- 20 billion ringgit ($4.8 billion) allocated in a special stimulus package
- Spending will focus on aiding businesses, especially tourism. Package also includes lower minimum pension contribution, tax payment extension, infrastructure upgrades.
Italy
- Italy has earmarked 7.5 billion euros.
- Finance Minister Roberto Gualtieri said the stimulus package will be presented next week, with funds to suspend loan payments from virus-hit companies, resources for health and emergency services.
France
- Government wants to lighten social and tax burden for businesses such as restaurants, hotels and bus companies; also loan guarantees for SMEs.
Germany
- Angela Merkel's ruling coalition has been at odds over the need for stimulus. The head of her parliamentary caucus pushed back against calls to make as much as 50 billion euros available.
- Top officials are due to discuss measures in Berlin on Sunday.
U.S.
- The House passed a $7.8 billion emergency spending bill to fund the response to the outbreak.
