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Mon Mar 23, 2020, 09:04 AM

Venezuela prohibits company layoffs and suspends credit collections over coronavirus

Source: Reuters

WORLD NEWS MARCH 22, 2020 / 9:04 PM / UPDATED 9 HOURS AGO

Venezuela prohibits company layoffs and suspends credit collections over coronavirus

CARACAS (Reuters) - Venezuelan President Nicolas Maduro announced on Sunday a series of economic measures to address the financial fallout from the spread of the coronavirus in the country, including prohibiting layoffs while also suspending rent payments and credit payments.

“We have the conscience and the absolute decision to protect all jobs in the country, to protect the entire operation of all companies and businesses in the country,” Maduro said during a live appearance on state television.

There are 77 confirmed cases of the novel coronavirus and no deaths to date, according to official statistics. The government has declared a state of alarm, imposing a full month-long quarantine in the country.

Maduro announced that for six months banks must put the collection of credit payments on hold, telecommunications services would not be cut off, and rent payments for homes and businesses would be suspended, accompanied by compensation for property owners, but without specifying details.

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Read more: https://www.reuters.com/article/us-health-coronavirus-venezuela/venezuela-prohibits-company-layoffs-and-suspends-credit-collections-over-coronavirus-idUSKBN21A02V

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