Trudeau Ready to Backstop Businesses in Response to Virus
- Canadian prime minister also unveils C$1.1 billion fund
- Says government willing and able to spend more if needed
Justin Trudeau.
Photographer: David Kawai/BloombergThis article is for subscribers only.
Justin Trudeau announced C$1.1 billion ($800 million) in new financial measures to help mitigate the effects of the widening coronavirus outbreak in Canada, adding he’s prepared to use federal financing agencies to stimulate the economy further if needed.
The prime minister said Wednesday the immediate plan includes providing faster unemployment insurance benefits to people who self-isolate, more funding for coronavirus research and financial assistance to provinces for medical supplies. If credit conditions tighten, the government will use the Business Development Bank of Canada and Export Development Canada to help provide funding to businesses.