Jamaica To Continue Assessment Of COVID-19 Economic Impact

Following a projected, 10-12 percent economic contraction for the fiscal year 2020-21 in Jamaica’s economy, the Minister of Finance and the Public Service, Dr. Nigel Clark, said that the Government would continue to assess the extent of the economic impact on Jamaicans to determine whether to extend additional financial assistance to those adversely affected.

The Administration previously initiated a $25 billion COVID Allocation of Resources for Employees (CARE) Program in April 2020 to provide grant support to individuals and businesses that were impacted.

Grants totaling over $3.6 billion have already been paid to more than 400,000 beneficiaries.

Dr. Clarke noted that the initial provision was in response to the “sharpness” of the pandemic’s effect.

“The losses were quick, and they came hard. Over 130,000 jobs were lost in four months, so we had to respond [accordingly],” he pointed out.

The Minister said the Administration would continue analyzing the impact of COVID-19 “and make decisions [regarding additional financial assistance] based on those assessments.”

Yvad Billings, Readers Bureau, Contributor

Edited by Jesus Chan

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