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 on Wednesday August 19, announced a number of measures his Government is taking to tackle the pandemic which includes the sourcing of some US$60M to assist in its efforts.
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 to the end of December and loans will not be classified as non-performing and will therefore not require loan losses provisioning.
The Bank of Guyana will also relax Section 14 and 15 of the Supervision Guidelines Number 5 to the end of December which is intended to result in direct benefits to customers of the banks.
He said there has been a 4% decline in the economy and contraction of business by almost 70% and also a reduction of operational output as a result of rotation in work.
President Ali said the pandemic has led to starvation and as such a holistic plan is needed that does not just look at the health aspect of the pandemic but also targeting measures that will recreate jobs and improve spending of the economy and securing the population with implementation of good health measures.
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Politricks !
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