France sends out 45 billion euro package to help economy after sliding down 1%

Finance Minister Bruno Le Maire on Tuesday announced that France will be sending €45 billion ($50.22 billion) toward companies across the country after many expected its virus-hit economy to drop by 1%.

Le Maire said that a major part of the fiscal package would be the deferral of all taxes and payroll costs that companies were due to pay by the end of March.

The funds come along with the  €300 billion in government loan guarantees that was unveiled on Monday by President Emmanuel Macron on Monday.

Le Maire added that a new budget bill will be created “in a matter of hours” in order to review the impact from the virus.

Regarding whether the stock markets were to close, Le Maire said that they would be focusing on other matters such as a short-selling ban where regulators have been doing for 24 hours.