Brazil’s lower house pass ‘war budget’ as coronavirus cases surpass 10K

As coronavirus spres rapidly across Brazil, lower house of Congress reportedly approved amendment for a ‘war budget’. As per reports, budget will help separate coronavirus-related spending from government’s main budget and it will also protect ecomy of country. Currently, Brazil has more than 10,300 confirmed coronavirus cases and dely virus has claimed more than 440 lives in country. 

According to an international media outlet, amendment creates an extraordinary regime to prevent expenses related to a ‘state of emergency’ decree triggered by pandemic from being mixed with federal budget over same period. bill will also grant Brazilian central bank emergency bond-being powers to stabilise financial markets. However, bill is yet to get Senate’s approval by three-fifths of votes which is expected to take place next week. 

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Brazil’s central bank president, Roberto Campos, reportedly said that authorities must ensure that money reaches key sectors. He said that officials will have to start discussing what country needs and what kind of intervention y want to make. Furrmore, he said that authorities need to move quickly to boost market liquidity as y still have an arsenal of measure to opt. He also informed that financial system currently sold eugh and actions altoger have potential to inject up to $224.32 billion in liquidity. 

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Brazil seeks help from India

Brazil is one of countries struggling to get medical supplies from China. Earlier this week, Brazilian President Jair Bolsonaro also asked India to support continuity of supply of pharmaceutical inputs for production of hydroxychloroquine, an anti-malarial drug that some say can be used to treat critical COVID-19 cases. Prime Minister Narendra Modi and Bolsonaro reportedly discussed how y can join forces to deal with dely coronavirus crisis. 

Bolsonaro, in a tweet said, “In contact with Prime Minister of India, Narendra Modi, I requested support in continuity of supply of pharmaceutical inputs for production of hydroxychloroquine. We will spare effort to save lives”. 

(with inputs from ncies)

(Im source: AP) 

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