Coronavirus pandemic: Making countries poorer by billions
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The US Federal Bank has launched a stimulus package to combat coronavirus. The new fed interest rates will now be targeted at 0 per cent and 0.25 per cent down from previous target range of 1 per cent to 1.25 per cent. Besides, it will offer $1.5 trillion stimulus package in treasuries and mortgage-backed securities.
Meanwhile, the US government signed $8.3 billion coronavirus funding bill on March 4. Out of the $8.3 billion, $ 3 billion will be used for research and development of vaccines and $800 million for treatments. In the US 14,366 cases and 217 deaths have been reported till March 20.