Cities are shuttered. Multiple industries have closed. Millions have suddenly been rendered jobless. Supply chains have busted. Economic activity is a fraction of what it was before. Deep recessions are forecasted. Some experts fear depression now tracks the world down. Governments worldwide are responding by embarking on unprecedented stimulus packages to keep their economies afloat.
In the end, do not be surprised if the US government injects over 5 trillion new dollars into the economy in the months to come. This would represent 25 percent of last year’s GDP for that nation. Moreover, the US economy is also enacting various forms of debt moratoria such as forbearance on rental payments for struggling families and small businesses to tax relief of various types for companies large and small.
Fortunately, we are not at the stage where we need to implement such strong economic measures; however, we should be preparing a response for that urgent moment may fall swiftly upon us. In doing so, we must be guided by the same lessons other nations have followed. When it comes to expenditures that can only be made in dollars, we must be extra careful. Dollars now come at a steep premium.
In all of this, the international financial institutions such as the IMF and World Bank must be cooperative and forward-leaning. These institutions must discard their mainstream orthodoxy of fiscal austerity which will straitjacket and injure nations like ours. They must encourage nations to engage in economic stimulus. Moreover, they must suspend debt repayments for poor and developing nations and begin to fashion a plan of partial debt forgiveness for indebted nations.
If the virus does become a large-scale public health challenge, more funds should be allocated to the health sector.: Government should announce a tax credit or partial tax reduction for companies or firms. VAT should be suspended for the next 2-4 months. This will help lower import costs and protect against shortages.: We need to protect people from food shortages and high prices. As such, we must quickly improve farm-to-market delivery of agricultural produce.
Also to ensure liquidity, the CBN should be willing to expand its balance sheet and improve liquidity by purchasing government bonds and other instruments held by banks and other institutions.
This’s not an excuse for Nigerians during this difficult time. What’s the FG plan?,to continue the lockdown or to relax the restriction. I believe the lockdown only works for the common on the street because govt officials move with Security’s. What about others who don’t have?
......considering the lockdown... but this word no de from Bubu mouth
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