Spain mobilizes additional US$222 billion to fight COVID-19
Spanish Prime Minister, Pedro Sánchez, announced that his cabinet will mobilize €200 billion (US$222 billion) to respond to coronavirus (COVID-19). €117 billion (US$130 billion) of these funds will be disbursed by the government and €83 billion (US$92 billion) will be raised from the private sector. This adds to the €18.23 billion (US$20 billion) already pledged by the Spanish government on March 12, 2020, in response to the pandemic.
Most of these funds will be used to stimulate the Spanish economy and mitigate the impacts of COVID-19 domestically, however, €30 million (US$33 million) will be channeled to the Spanish Council for Scientific Research (CSIC) and the Spanish Health Institute Carlos III fund the development of a vaccine to protect against the virus.