Measures to mitigate the impact of Coronavirus amount to $16.8bn

The Government measures to combat the economic impact of the Covid-19 crisis totalled $16.8 billion. From that amount, $7.4 billion (about 3.0% of GDP) represent a direct fiscal cost to the Treasury. The remaining $9.4 billion comes in the form of government liquidity guarantees, which could have a fiscal cost if triggered, and advanced tax refunds. The government estimates the fiscal deficit will be near 8.0% of GDP this year, significantly larger than 2019’s 2.8% of GDP.

Source: FocusEconomics