Premier Andrew Fahie has said his government’s promised COVID-19 economic stimulus package will be heading to Cabinet for approval within days.
Effectively, an economic stimulus is the use of monetary policy changes to stimulate a struggling economy. The Premier said his government’s stimulus package is expected to assist residents and the local business community.
“I know that there are those rushing the government to come up with an economic stimulus. I want to assure you that work is being done on the economic stimulus package. Your government along with public officers and key stakeholders are working feverishly on it, and the first phase of the economic stimulus will be submitted to Cabinet this week,” he said during a live broadcast on Monday.
We won’t be rushed!
Premier Fahie said while he understands the concerns of residents, his administration will not repeat ‘errors of the past’.
“The hurricanes of 2017 taught us a valuable lesson, and we either learn from it or get trapped in it,” he stated.
“Just like your government took its time but moved with haste in the preventative measures of the Novel Coronavirus Disease (COVID-19) in the BVI to ensure your safety, so will your government do the same with the economic stimulus package for your prosperity,” Fahie added.
He further mentioned that he would address the ‘preliminary economic stimulus plan’ soon.
On March 24, the Premier had said his administration is planning on introducing a number of economic stimulus packages to benefit residents impacted by COVID-19 pandemic.
Part of the plan is to have persons who became unemployed due to the pandemic register at the Department of Work Force & Labour.
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