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March 8, 2020 9:46 am
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Israel to Set Up $1 Billion Fund to Help Companies Through Coronavirus Crisis

avatar by Reuters and Algemeiner Staff

A paramedic adjusts his protective suit as he prepares outside a special polling station set up by Israel’s election committee so Israelis under home-quarantine, such as those who have recently travelled back to Israel from coronavirus hot spots can vote in Israel’s national election, in Ashkelon, Israel March 2, 2020. Photo: REUTERS/Amir Cohen.

Prime Minister Benjamin Netanyahu said on Sunday his government would establish a four billion shekel ($1.2 billion) fund to help Israeli companies impacted by the global coronavirus outbreak.

Netanyahu said Finance Minister Moshe Kahlon had drawn up plans for the fund and would present them at Sunday’s cabinet meeting. No further details were immediately available.

Also on Sunday, El Al Israel Airlines said it expects an even bigger decline in revenue for the start of the year than previously thought due to the coronavirus. The airline has requested government aid.

Israel’s central bank said last week the coronavirus outbreak has not had a major impact on the economy, but if conditions worsen significantly, it is prepared to use monetary policies accordingly.

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