Israel to set up $1 billion fund to help companies see through the coronavirus crises



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Israel to set up $1 billion fund to help companies see through the coronavirus crises

On Sunday, the 8th of March 2020, the Israeli Prime Minister, Benjamin Netanyahu said in a statement that his Government had been sketching out a plan to establish a fund of $1 billion or 4 billion Israeli Shekel aimed at assisting Israeli companies hurt by the grievous coronavirus outbreak across the globe.

However, without particularising further details the Israeli Prime Minister was also quoted saying in his Sunday’s (March 8th) statement that his Finance Minister Moshe Kahlon had been working out a plan for the funds and would present them at a cabinet meet as early as on Sunday (March 8th).

In point of fact, latest fiscal stimulus from Netanyahu came forth a couple of days after the US President Donald Trump had signed off a $8.3 billion monetary aid to prevent financial fallouts of the coronavirus outbreak and to contain the pandemic, while later this week, IMF had also sanctioned a $50 billion fund aimed at aiding the economies wounded by the virus outbreak.

Besides, Sunday’s (March 8th) remark from Netanyahu was brought in to light shortly after the Israeli Airline, EL AL Israel Airlines, had sought for Government aid adding it was expecting a heavier plunge in revenue than forecasted earlier in the year due to the recent coronavirus outbreak which has been pouring away the tourism alongside aviation industries all over the world.