Latvia will earmark up to 1 billion euros ($1.1 billion) to prop up businesses hit by the coronavirus disease (COVID-19) outbreak, Prime Minister Krisjanis Karins said on Friday
RIGA (Pakistan Point News / Sputnik - 13th March, 2020) Latvia will earmark up to 1 billion Euros ($1.1 billion) to prop up businesses hit by the coronavirus disease (COVID-19) outbreak, Prime Minister Krisjanis Karins said on Friday.
On Thursday, Latvia, which has so far registered 17 coronavirus cases, declared a state of emergency. Schools and kindergartens are now closed across the republic, with restrictions put on mass public events.
"The negative impact of COVID-19 on the Latvian economy is likely to be short-term - from one to two months. The state is ready to allocate up to 1 billion euros in various financial instruments for businesses affected by COVID-19. Some of these funds will be available through the programs of banks and development finance institution ALTUM, for example, in the form of loan guarantees," Karins told reporters.
With the virus ramping up in over 120 countries, governments across the world unveil measures to support national businesses amid travel restrictions and fears of supply chain disruptions.
