Guyana President Announces US$60Mn Response To COVID-19

• With the number of COVID-19 cases rising in the country and five persons dying from the disease in the last four days, President Irfaan Ali announced several measures his Government is taking to tackle the pandemic which includes the sourcing of some US$60Mn to assist in its efforts.
• The funds will be sourced from the World Bank, the Inter-American Development Bank, and the Islamic Development Bank. Another US$2Mn has also been sourced from the Government of India.
• The President also announced that the Bank of Guyana has extended to December 2020, the moratorium to allow commercial banks to further defer customer payments. There will also be a reduction in the liquidity requirement and the lowering of the reserve requirement from 12% to 10%.
• The Head of State noted that the impact of the total shutdown on the country’s economy continues to be severe, with a 4% decline in the economy, and almost 70%contraction of business, and a reduction of operational output as a result of rotation in work so far.

(Source: Stabroek News)