Daily Management Review

Peru launches $ 8.8B assistance program for companies affected by COVID-19


Peruvian President Martín Vizcarra said the government has launched an economic program with a fund of 30 billion sols ($ 8.8 billion) to help medium and small companies affected by the crisis caused by a new type of coronavirus.

Ministro de Relaciones Exteriores
Ministro de Relaciones Exteriores
"(This program) provides credit guarantees in the amount of up to 30 billion sols. For this, we had meetings of experts who collaborated, in addition to specialists from the Ministry of Economy and Finance," the president said in a statement.

The program, called Reactiva Peru, is aimed to provide loans to almost 350 thousand national companies. At the same time, 314 thousand of the companies employ less than 10 employees each.

“If the payment chain breaks (due to unemployment caused by the imposition of a state of emergency) and even more Peruvian companies go bankrupt, it will be an extremely difficult situation, so you need to provide these loans to the affected companies and make every effort to ensure that they survive this difficult moment.” - said President.

source: reuters.com