The US Treasury department said it plans to borrow USD 2.9 trillion during the April-June quarter to deal with the coronavirus pandemic.

During the April-June quarter, the US Treasury expects to borrow USD 2.9 trillion in privately-held net marketable debt, assuming an end-of-June cash balance of USD 800 billion, an official statement said.

“The increase in privately-held net marketable borrowing is primarily driven by the impact of the COVID-19 outbreak, including expenditures from new legislation to assist individuals and businesses, changes to tax receipts, including the deferral of individual and business taxes from April-June until July, and an increase in the assumed end-of-June Treasury cash balance”, - reads the statement.

The borrowing estimate is USD 3,055 billion higher than what was announced in February this year, the US Treasury added.