MADRID (Pakistan Point News / Sputnik - 18th March, 2020) The Spanish authorities have decided to allocate 200 billion Euros (over $220 billion) to fight the coronavirus disease (COVID-19) and mitigate its impact on the country's economy, Prime Minister Pedro Sanchez said on Tuesday.
"We will use 200 billion euros, about 20 percent of our GDP, of which 117 billion is state money, the rest is raised from private resources," Sanchez said, following a cabinet meeting.
The prime minister added that 600 million euros would be used to ensure access to energy, water and telecommunications for the most vulnerable segments of the population.
The funds are also aimed at helping out companies and developing a vaccine, the minister said.
So far, Spain, which is currently second only to Italy in terms of COVID-19 cases in Europe, has registered over 11,000 patients. The country's death toll currently stands at 491.
