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Brazil & Southern Cone - April 2020

Economic Highlights

URUGUAY| Government sets up ‘coronavirus fund’. On 2 April, Uruguay’s chamber of deputies approved the creation of the ‘Fondo Solidario Covid-19’, a special fund that will be used to combat the economic, social, and public health impacts of the coronavirus pandemic in the country. The senate had approved the bill creating this fund a day earlier. As outlined by Economy & Finance Minister Azucena Arbeleche on 27 March, this fund will be composed of resources derived from a cut of 5%, 10%, or 20% to the salaries of high-earning public sector officials and people holding political office; profits from state-owned companies and banks (including the Banco de la República Oriental de Uruguay [BROU] estimated to contribute around US$151m); loans from multilateral credit organisations; and cash donations. On 14 April, Agriculture & Livestock Minister Carlos María Uriarte announced that the agro-industrial sector would be making a US$100m contribution to the fund.

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