MARKET REPORTS 

Massive Economic Stimulus Plan Announced By New Zealand Due To Coronavirus

A New Zealand government shutdown has been averted by a massive stimulus package announced on Friday, according to a government announcement. New Zealand prime minister Jacinda Ardern’s actions forced a parliamentary vote to make way for the $2.2 billion spending plan.

“We need to act now to safeguard the future prosperity of New Zealanders,” said the prime minister of New Zealand. In order to step in and start the European Union-style $2.2 billion stimulus package, the political party which supports Ardern gained the only seats they needed to pass the legislation.

According to the BBC, New Zealand’s Labor Party party was forced to call for new ballots to pass the business measure, which was confirmed by Labour party leader Jacinda Ardern. The new bill passed both houses of Parliament.

New Zealand’s foreign affairs minister says that the country’s focus on public healthcare, energy, education, defense, and innovation are the key factors which led to the stimulus.

“Foreign Affairs Minister Winston Peters said the new government is committed to strengthening New Zealand’s sovereignty, to living within our means and protecting jobs,” said BBC World News. “He said the promise to spend $2.2 billion and restore health and education – the three key pillars of the National-led government – was not aimed at bringing down the cost of living or benefitting the middle class, but at revitalizing the economy.”

This week, a 5-year-old boy from Christchurch passed away from the dreaded coronavirus. Six other children have now been infected with the virus, but there have been no deaths as of now. New Zealand continues to place all of its resources into finding a cure for the death-knelling illness.

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