What are Latin American countries offering to alleviate the economic crisis due to the coronavirus pandemic?

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Learn about new WHO measures against covid-19 4:11

(CNN Spanish) - While millions of Latin American inhabitants are under some kind of quarantine or curfew to try to control the spread of the coronavirus in the region, the economy is the concern that afflicts many.

In these countries that have high poverty rates and where informal employment reigns, measures have been announced to mitigate the effects of the coming economic crisis, ranging from subsidies and aid for the least favored sectors, to agreements with the banking sector. Get to know them here:

Mexico

• President Andrés Manuel López Obrador said that there will be a plan for economic recovery that includes a million loans without interest and with low rates for small businesses.
• He was emphatic in saying that there would be no "bailouts in the style of the neoliberal period" and that business taxes would not be forgiven either.

Guatemala

• There are several initiatives in Congress, not yet approved, for tax exemption, forgiving of financial interests, deferring economic commitments, direct injection to families in great need.
• Some banks in the country have moved on their own, and are deferring credit and mortgage debt.

Honduras

• The Central Bank of Honduras reduce the monetary policy rate, reduce interest rates, among others:

Main monetary policy measures adopted by the #BCH in the face of the impact of COVID-19 on the Honduran economy #ProgramaMonetario pic.twitter.com/e3w5s2rjRc

- Banco Central de Honduras (@BancoCentral_HN) March 19, 2020

The Savior

• Three-month suspension of payments for services such as: electric power, drinking water, cable television, internet and telephony.
• The installments must be distributed in two years without generating default and interest. Nor will it affect people's credit record.
• Freezing of mortgage loans, personal loans, credit cards, ventures and working capital.
• Exonerate the tourism sector and those dedicated to the generation, transmission, distribution and commercialization of electric energy, as well as subscription television, telephone and internet companies, from paying rent.
• US $ 300 will be awarded to approximately 1.5 million households that consume less than 250 kilowatts per month.

Nicaragua

There are no economic measures announced by the government.

Costa Rica

• Public and private banks will apply the presidential directive that urges them to lower interest rates, extend credit terms and extend payments.
• Three-month moratorium on the payment of value added tax (VAT), income and merchandise import taxes.
• Services suspended due to late payment must be reestablished, those that are about to expire payment, do not suspend it, and generate payment agreement mechanisms for a period of two months.
• Companies that have a decrease in their profits from 20% can reduce the part-time working hours, those in which the losses are more than 60% can request a reduction of the working day up to a quarter of the time.

Panama

• The tax payment date was deferred until December 31.
• US $ 50 million will be invested to deliver bonuses, which could be between US $ 75 and US $ 100, for the people whose jobs were affected by this crisis.

Colombia

• For two months seniors and beneficiaries of the Familias en Acción program throughout the country will receive an additional money order.
• Soft credits for small and medium-sized companies and the refund of value added tax for the poorest Colombians.
• Reconnection of the drinking water service is ordered to families who are without access to the liquid for lack of payment.

Venezuela

• Suppression of the payment of rent for shops and main residence for six months.
• Payroll payment plan for small and medium industry until August.
• "Special bonuses" for informal and private sector workers for March and April.
• In addition, it prohibited private telecommunications companies from suspending services for non-payment.

Ecuador

• The Association of Private Banks resolved to postpone up to 60 days, without surcharges, the collection of fees for personal loans, microcredits and small businesses.
• Refinancing of debts according to particular needs.
• The Ecuadorian Social Security Institute will postpone the payment of contributions for April, May and June for voluntary and unrelated affiliates.
• Overdue clients of the Bank of the Social Security Institute must restructure their mortgage loans up to 18 months grace and 30 years term.
• Debt restructuring at the Ecuador Development Bank, for small and medium local governments.
• BanEcuador will defer payment obligations for 90 days. The uncollected interest will be distributed in 12 months from June and the capital will be distributed until the end of the credit period.
• The Ministry of Agriculture promised to review farmers' credit operations.

Peru

• One-time $ 108 family bond for poor and extreme poor households.
• Postponement of Income Tax payment for micro, small and medium-sized companies until mid-year. The measure also applies to natural persons.
• Expansion of the Crecer Fund (financing fund and granting of guarantees) for smaller companies.
• Relaxation of the division of tax debts of those who cannot pay them.
• Creation of a Business Support Fund of US $ 85 million for micro and small businesses to avoid interruption of the payment chain.

For its part, the private sector has announced the following:

• The Superintendency of Banking and Insurance empowered the banks to adopt exceptional measures such as the postponement of the dates for the payment of debts.
• The Banco de Crédito del Perú (BCP) launched a fundraising campaign called #YoMeSumo. The financial entity made the first donation and contributed 100 million soles to benefit poor families.

Brazil

• US $ 36,000 million in resources dedicated to emergency measures and US $ 2,000 million in the “Anti-unemployment Program”.
• Emergency aid of US $ 40 per person for 3 months for informal workers, unemployed and low-income micro-entrepreneurs.
• Reduction of taxes and bureaucracy for the import of coronavirus-fighting products.
• Anticipation of the second plot of the 13th salary for pensioners as of May.
• Labor flexibility.
• Holiday scheduling without prior notice.
• Reduction of requirements for dismissals due to economic losses.
• Relaxation of vacations in general

Bolivia

• The Government announced a Family Bond that will benefit 1.5 million students. The bonus will be received by families with children in elementary school, and will be about $ 72 per child. The bond will be delivered in April, they announced.
• The government urged banks to analyze their clients' cases to make payments more flexible.
• Tax payments are postponed until May.
• The electricity payment for the month of April is reduced by 30% for 2.5 million families and companies are prohibited from cutting services for non-payment.

Paraguay

• Income tax is divided into five installments without interest and is exempt from fines until June.
• An additional payment for 167,000 families benefiting from the Tekopora social program.
• The Central Bank of Paraguay reduces the interest rate.
• The import tariff on capital goods is reduced.
• Infrastructure works worth US $ 90 million will be accelerated.

Chile

• President Sebastián Piñera announced an economic support plan of US $ 11,750 million, 4.7% of the country's annual Gross Domestic Product.
• The plan will allocate resources to avoid adverse effects on businesses and family income.
• The government will introduce a law to protect labor income so that workers who cannot telework temporarily suspend their work in companies, and continue to receive payment of their wages, which will be borne by the unemployment fund.

Argentina

Bonus of US $ 46 dollars for retirees who receive the minimum and beneficiaries of social plans.

• US $ 47 per child bonus for those who collect Universal Child Allowance (AUH).
• Debt payment is postponed from April to May for retirees and beneficiaries of the AUH program.
• Regulation of the price of alcohol in gel.
• The budget for investment in public works such as roads and economic infrastructure is increased by US $ 1,538 million.
• Relaunch of the Procrear plan to boost the construction sector and make it possible to buy or renovate homes.
• Credits for food producers, personal hygiene and cleaning, and producers of medical supplies.
• Financing to acquire equipment to guarantee teleworking.
• Reinforcements for unemployment insurance.
• The State will pay part of the wages of some workers of the Productive Recovery Program (Repro).
• Help for companies on the verge of bankruptcy.

Uruguay

• Lines of credit with flexible conditions.
• Small and Medium Business Loans.
• Business tax payments are deferred in six installments without interest.
• Extension to six installments of social contribution payments.
• The Central Bank of Uruguay authorized banks to extend loan payments 180 days.

Dominican Republic

• They temporarily suspend certain taxes on the hotel sector.
• The annual business tax can be divided into four.
• Flexibility of payments of obligations of companies and people that may be deferred during the emergency period.
• Small and medium business loans.
• Lower the interest rate.
• 20% decrease in annual interest rate for credit card debt.
• Decrease of the minimum payment of credit cards to 1%.
• Seven more days for the grace period for credit card payments.
• 50% reduction in late payment for credit card payments.
• The cost of the advance for credit cards, the cost for withdrawal at the ATM with debit cards and the cost for balance inquiry are eliminated.
• Debit cards will be issued at no cost.

Puerto Rico

• Public sector employee wages will continue to be paid.
• The tax payment period is extended and no penalties for non-compliance will be imposed.
• Incentives of US $ 500 to independent workers.
• Assistance for small and medium-sized companies (with less than 50 employees) who have had to suspend work during the emergency.
• $ 4,000 bonus for nurses and $ 2,500 for health technicians working during the emergency. $ 4,000 for medical emergency personnel and $ 3,500 for police, fire, and correctional officials.
• Increase in unemployment benefits from July.
• No suspension of water and light.
• No tolls will be charged during the emergency.
• 90-day moratorium period for mortgage, vehicle, personal, business and credit card payments.

With information from Michelle Mendoza, Elvin Sandoval, Merlin Delcid, Mario Medrano, Djenane Villanueva, Elizabeth González, Fernando Ramos, Jorge Luis Pérez Valery, Ana María Cañizares, Jimena de la Quintana, Marcos Moreno, Gloria Carrasco, Sanie López, Cristopher Ulloa, Iván Pérez Sarmenti, Jessica Hasbun and Rafy Rivera.