The Spansh Prime Minister, Pedro Sánchez, has given details of the economic measures that his administraion will approve in the coming Board of Ministers.

The package of measures will be valid until at least the 30th of June, totaling 6,000-million in direct aid and tax reductions and another 10,000-million in ICO loans to help families and companies.

One of the star measures within this 5-point plan, will be lowering the price of fuel by 20 centimos per litre for all drivers. The PM pointed out that the State would cover the cost of 15 centimos and petroleum companies the other five centimos. This 20c/litre reduction will be directly at the pumps.

Here are the main points of the plan.

1) Rental contracts will only be able to adjust the price by two percent during the following three months.

2) The reduction on IVA on the price of electricity down to 10% from 21% will be extended until the 30th of June. The Impuesto Especial will be reduced to 0.5% and the tax of electricity generation will be suspended completely.

3) There will be 360m euros in aid for the agricultural and livestock sector and 68m euros for the fishing sector.

4) The industry sector (the biggest electricy consumers) will have 500m euros in direct aid for the sector.

5) A new, 450m-euro fund in direct aid for transport companies (freight & passengers) based on the type of vehicle: 1,250 euros per lorry, 900 per bus, 500 per van and 300 per tax or ambulance.

(News: Spain)