Ireland unveils 6.5 billion euro coronavirus business package

Ireland will allow firms impacted by the coronavirus crisis to warehouse tax liabilities for 12 months, offering a "lifeline" as part of an additional package of business supports that could reach 6.5 billion euros (7.14 billion U.S. dollars), the government announced on Saturday.

Commercial rates will also be written off for three months, a two billion euro credit guarantee scheme will be introduced for small and medium sized businesses and Ireland's sovereign wealth fund directed to make two billion euros of equity available for bigger companies, Finance Minister Paschal Donohoe said in a statement.

Ireland concentrated its initial eight billion euro fiscal response on increased jobless payments and wage subsidies for affected employees, with one billion euros of liquidity supports offered directly to reeling firms.

(CGTN)