Trump Seeks Approval for $1trn Stimulus Package

Coronavirus 1
  • Trump Seeks Approval for $1trn Stimulus Package

In an effort to curb the impact of coronavirus on the world’s largest economy, the United States of America, President Trump has proposed a stimulus package of almost $1 trillion.

The stimulus includes $500 billion payment to taxpayers, according to a document seen by media.

The administration is also looking to inject at least $50 billion into the aviation sector and another $150 into other distress ventures affected by the travel restrictions due to the COVID-19 outbreak.

President Trump plans to create a business interruption loan of $300 billion to aid small businesses struggling with temporary shut down of business operations amid the pandemic.

“Now it’s our time,” Mr. Trump said at a news conference at the White House. “We must sacrifice together because we are all in this together, and we will come through together. It’s the invisible enemy.”

The number of infected people rose over 6,400 in the U.S this week with at least 113 deaths, according to a Johns Hopkins report.

Several businesses from airlines to small businesses have shut down operations in a bid to curb the spread of the virus.

Last week, the Senate approved a Bill seeking expanded paid leave and unemployment benefits in response to the pandemic.

Meanwhile, in Nigeria, the central bank has announced a N1.1 trillion intervention fund to support the manufacturing and pharmaceutical and health industries.

The apex bank also lowered interest rates on intervention facility from 9 percent to 5 percent to support small businesses, sustain job creation and ensure price stability.

President Muhammadu Buhari slashed the 2020 budget of N10.59 trillion by N1.5 trillion and lowered the 2020 oil benchmark from $57 per barrel to $30 per barrel to accommodate the fall in oil prices.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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