Gov’t is prepared for the worst

Minister for Treasury, Ian Ling-Stuckey reported that K600 million has been set aside this year as part of an emergency response and a further K60 million for 2022.

In his statement in Parliament, he outlined where the K5.7 billion COVID1-19 response package went.

The report stated that the funding went towards protecting the people, the budget and the economy of the country.

Minister Ling-Stuckey stated the two largest parts of the response package was designed to firstly, protect the budget in the face of much lower export receipts due to declining oil prices, a big fall from the 2020 budget figure of K92.2 billion down to K81.6 billion and a sharp drop in revenue, ultimately estimated at K2.7 billion.

Secondly, in order to protect the budget, the government sought to secure cheap concessional finance from international partners. This endeavour raised K2.8 billion.

The Treasury Minister said this was at an interest cost of zero percent. The Minister also stated that because the budget was protected, there were no cuts to the K5.2 billion from expenditure.

He concluded his report by stating, “We will continue to fight both wars with the COVID-19 enemy, the health war and the economic war.”

Author: 
Marysila Kellerton