Wednesday, April 01, 2020

New economic stimulus package to seek cabinet approval next month

Feb 18. 2020
Minister Uttama Savanayana
Minister Uttama Savanayana
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By THE NATION

The Finance Ministry will propose a new economic stimulus package to the cabinet in mid-March, hoping it will immediately catapult the momentum to boost the economy in April, Minister Uttama Savanayana said today (February 17).

The package will cover tourism, consumption and investment, he added.

The tourism measure is aimed at stimulating domestic travel, which is suffering from the novel coronavirus outbreak.

The measure to boost consumption will be phase 4 of the “Eat, Shop, Spend” campaign.

Uttama said he has asked state agencies to prepare a procurement budget in advance, so that they can spend once the 2020 fiscal budget is disbursed.

The economy grew by 2.4 per cent in 2019, lower than the previous estimate of 2.6 per cent, the National Economic and Social Development Council said on Monday (February 17).

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