Urging for an immediate economic package, BJP leader Subramanian Swamy on Friday wrote a detailed letter to Prime Minister Narendra Modi, comparing the economic relief measures announced by 17 countries and two international banks in the wake of the Coronavirus pandemic. In his six-page letter, Swamy detailed the economic relief packages announced by these countries and banks.
“I am enclosing with this letter the relief measure provisions, made by seventeen countries and two international banks, for your appraisal. The package of economic relief measures is very crucial at this stage, and that is why I have enclosed what the countries have done for information and appraisal,” said Swamy, who is an Economist-turned Politician. The detailed letter is published below this report.
In his detailed comparison of five pages, Swamy said that the USA has issued One Trillion Dollar stimulus package to counter the slowdown due to Covid -19 pandemic. This package is nicknamed as “Phase Three”. The Trump administration has announced a bailout of 50 billion dollars in the airline industry and “upwards of 500 billion dollars for small business and other expenditure. “500 billion dollars in direct payments, including more than $1000 payments to all US adults, except millionaires and billionaires,” said Swamy detailing the US economic package to tackle the Coronavirus pandemic.
France announced a 49 billion-dollar aid package including substantial social security tax cuts, benefiting unemployed and small shop keepers. The French Finance Minister also said that they would guarantee bank loans worth 327 billion dollars to protect the business community. Swamy also detailed the financial relief packages announced by China, the worst affected Covid-19 pandemic. He detailed how the People’s Bank of China (PBOC) was pressed into fight the economic backlash in the country.
The BJP leader also detailed the financial packages announced by UK, Canada, Japan, South Korea, Singapore, Australia, New Zeeland, Indonesia, Hong Kong, UAE, Thailand, Malaysia, Saudi Arabia, European Commercial Bank and International Monetary Fund.
The detailed letter of Subramanian Swamy to Prime Minister, comparing the economic relief packages of 17 countries and two international banks are published below:
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