What are countries doing to combat the coronavirus outbreak?

Reuters

March 18, 2020

A worker wearing a protective suit takes body temperature measurement of a man inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai. Photo: Reuters

With more than 162 countries affected, more than 179,000 infected and nearly 8,000 deaths, the novel coronavirus which emerged late last year has now got world government’s scrambling to stem the spread of the virus.

Here’s a look at what major countries are doing to combat the global fallout of the coronavirus that has infected tens of thousands of people.

Latest news on the coronavirus outbreak from Pakistan and around the world

United States

In the world's biggest economy, US President Donald Trump's administration has proposed pumping $1 trillion into the market. Trump wants to send cash to Americans within two weeks as the country's death toll approached 100 and more testing sent the number of coronavirus cases to over 5,700.

Airlines are among the worst-hit sector, with US carriers seeking at least $50 billion in grants and loans to stay afloat as passenger numbers evaporate.

United Kingdom

Britain, which has told people to avoid pubs, clubs, restaurants, cinemas and theaters, unveiled a 330 billion pounds ($400 billion) rescue package for businesses threatened with collapse.

Budget forecasters said the scale of borrowing needed might resemble the vast amount of debt taken on during the 1939-1945 war against Nazi Germany.

"Now is not a time to be squeamish about public sector debt," Robert Chote, head of the Office for Budget Responsibility, which provides independent analysis of the UK’s public finances, told lawmakers.

Underlining how the crisis has shaken even the most august of institutions, Britain's Church of England suspended services while 93-year-old Queen Elizabeth was to move from Buckingham Place to Windsor Castle outside London, where she and her sister, Margaret, were sent for safety during the blitz of London in World War Two.

France

France is to pump 45 billion euros ($50 billion) of crisis measures into its economy to help companies and workers, with output expected to contract 1% this year.

"I have always defended financial rigor in peacetime so that France does not have to skimp on its budget in times of war," Budget Minister Gerald Darmanin was quoted as saying by financial daily Les Echos.

The European Union eased its rules to allow companies to receive state grants up to 500,000 euros ($551,000) or guarantees on bank loans to ensure liquidity.

But even with the promised cash splurges, world stock markets and oil prices were unable to shake off their coronavirus nightmare after Wall Street on Monday saw its worst rout since the Black Monday crash of 1987.

Philippines

The Philippines was the first country to close markets, while Europe - now the epicenter of the pandemic - saw airline and travel stocks plunge another 7%.

With various central banks around the world having cut interest rates to try and help beleaguered economies, investors fret that the banks may have used up their policy ammunition early with far longer to go before the global health crisis is curbed.

A global recession beckons, with parallels to the 2008 financial crisis, economists say, though many predict a quick bounce-back once the outbreak clears.

Brazil, Peru

Brazil recorded its first coronavirus death while Peru put its military on the streets.

Israel

Israel's government authorized the Shin Bet security service to use cellphone-monitoring technology usually used for anti-terrorism to retrace movements of infected people.