Economy Minister: New Measures Against Coronavirus Will Be Announced Soon

RIO DE JANEIRO, BRAZIL – The government will announce new measures over the next few days to tackle the coronavirus, Economy Minister Paulo Guedes said, without ruling out the release of the FGTS (Severance Premium Reserve Fund) withdrawals and the deferral in the collection of payroll taxes to provide companies some relief.

Speaking to journalists upon arrival at the Ministry of Economy on Friday, Guedes further stated that the government will import medical and hospital products duty-free.

The economic team is also looking at what can eventually be achieved with respect to excess resources from the PIS/PASEP (Social Integration Program/ Public Servant Asset Development Program).

According to the Minister, the solutions involved do not jeopardize the fiscal balance effort.

Earlier last week, the government was still learning the extent of the crisis, which is why the announcements will become more relevant from now on, he added.

“Between now and Monday much more will come out”, he said, stressing that the state-owned bank executives were waiting for him in the Ministry for a meeting that would cover the government’s actions towards the crisis.

After the government announced the day before that it would advance half of the 13th month to retirees and pensioners next month and that it would no longer demand proof of life in person from beneficiaries at the INSS, Guedes pointed out that “more than 20 measures of this nature” would be released.

The Minister further noted that the initiatives will follow an appeal by Chamber president Rodrigo Maia to the economic team to react to the challenges raised by the coronavirus outbreak, but that Congress must also address the reforms that have already been submitted by the Executive.