Canadian Prime Minister Justin Trudeau on Wednesday said his government would provide C$27 billion (or $18.6 billion) in stimulus directly to families and businesses struggling because of the coronavirus outbreak.
Trudeau added that his government would also provide C$55 billion additional aid to businesses and households through tax deferrals. “In these extraordinary times, our government is taking extraordinary measures.
“These economic measures will ensure that our economy rebounds after this, our government is prepared to do more.” Trudeau said. Canada had so far recorded about 600 cases of the virus nationwide, with eight deaths. The Canadian dollar weakened further after the announcement, touching a four-year low of 1.4535 to the U.S. dollar. The Governor of Bank of Canada, Stephen Poloz, said the bank would not announce another interest rate cut