Norway offers $10 billion in fiscal aid to firms as coronavirus clatters economy


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Norway offers $10 billion in fiscal aid to firms as coronavirus clatters economy

On Sunday, the 15th of March 2020, the Norwegian Government of PM Erna Solberg, a Conservative who had been serving the nation since 2013 and nicknamed as the “Iron Ema” inspired by Margaret Thatcher’s “Iron Lady,” said in a statement that the Government had agreed to spend at least 100 Norwegian Krona or $9.7 billion in fresh financing in forms of low-cost loans alongside bond issuances in order to support the nation’s coronavirus-hit economy.

Apart from that, the Nordic country with vast arctic reserves of oil and natgas had also announced a public emergency on Thursday (March 12th) and shut down a swathe of entities ranging from public and private educational institutions to restaurants to shopping malls aimed at slowing down the spread of the coronavirus outbreak in Norway.

Besides, as the total number of Covid-19-infected people in Norway rose to 1,077 as of Sunday (March 15th), the Norwegian Government has been set to adopt a mandatory border control measure from Monday (March 16th), though the nation had shown better resilience than many European countries with only three deaths from the Covid-19 infections, suggested analysts.

Aside from that, as adding the Norwegian Govt. would do whatever necessary to secure its economy PM Solberg said in a news conference on Sunday (March 15th), “The government will do what’s needed and spend the necessary funds to secure the Norwegian economy and support Norwegian businesses, big and small,” Norway’s 83-year-old King Harald said in a televised speech to the nation at the later part of the day, “The circumstances are unreal, strange, and scary for everyone.

We don’t feel at home in our daily lives, or the world around us. And still we are only at the start of something that we don’t fully know the consequences of. ”