March 17, 2020 / 3:07 PM / 13 days ago

U.S. Treasury to put $10 bln capital into new coronavirus credit facility

WASHINGTON, March 17 (Reuters) - The U.S. Treasury Department said on Tuesday it has approved the establishment of a commercial paper funding facility to provide a liquidity backstop to help American businesses manage their short-term finances through the slowdown caused by the coronavirus outbreak.

U.S. Treasury Secretary Steven Mnuchin said in a statement that Treasury will provide $10 billion of capital to the new facility from the Treasury’s Exchange Stabilization Fund. (Reporting by David Lawder Editing by Chizu Nomiyama)

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