section_path: Economic impact by continent, region and country/North America/Canada
section_name: Canada
paragraph_text: Canada
  
  On 4 March, Canadian Prime Minister Justin Trudeau announced the creation of a new cabinet committee to manage the federal response to the coronavirus disease. A week later, on 11 March, the government announced a CA$1 billion COVID-19 Response Fund that included a $50 million contribution to the World Health Organization and an additional $275 million to fund coronavirus research in Canada.
  
  On 13 March, the Bank of Canada lowered the overnight rate target by 50 basis points to 0.75 percent in an unscheduled rate decision citing the "negative shocks to Canada's economy arising from the COVID-19 pandemic and the recent sharp drop in oil prices." In June 2020, Canada lost its triple "A" credit rating.