President Irfaan Ali on Wednesday announced a US$60Million injection in the country’s economy to cushion the effects of the COVID-19 pandemic.
The Head of State reported that his Administration is in the process of mobilising the funding from the World Bank, OPEC Fund for International Development (OFID), Inter-American Development Bank (IDB), and the Islamic Development Bank (IsDB).
During his inauguration speech on August 8, President Ali had disclosed that $4.5Billion was being secured to assist households during the pandemic. It is in addition to the US$2Million secured from the Government of India and other the bilateral assistance already received.
While the coronavirus pandemic remains a major health crisis, it also has impacted the country’s economy. President Ali said he has spent the past two weeks consulting with many stakeholders, including the Private Sector and Trade Unions representatives, youth, community and health care professionals, all aimed at developing a national holistic plan to counter the virus.
What has been discovered so far is a closure of businesses, resulting in the loss of jobs, and reduced workforce. “Your Government is not unaware of the difficulties you are facing. That is why in this holistic plan, we are not only looking at the health aspect of the pandemic, but we are targeting measures that would recreate jobs, ensure income goes back to the people, and improve spending in the economy,” the President said in a televised statement.
He said the new PPP/C Government is focused on delivering an all-encompassing plan that would hold health and safety, while balancing the need to fortify the country’s economic standing. Other measures by the Administration include increased testing across Guyana, delivering stimulus and incentives and relief to persons affected at the household level and education to children in a non-conventional manner. (DPI)
