Bolstering Support For Vulnerable Persons Among Top Priorities – Dr. Clarke

Among the Government’s top priorities for economic recovery is ensuring that social support is bolstered to assist vulnerable persons, who are most affected by the coronavirus (COVID-19) pandemic, says Finance and the Public Service Minister, Dr. the Hon. Nigel Clarke.

He was opening the 2021/22 Budget Debate in the House of Representatives on Tuesday (March 9).

He noted that in the midst of an economic crisis, brought on by the pandemic, and with limited resources, the Government has to prioritise and “prioritise within those priorities”.

“The wrong policy choices could prolong and could deepen its effects… the path out of this crisis is clear but it is a very narrow path. We can’t do everything, we have to prioritise,” he emphasised.

“Our objective is to have shorter periods of decline, quicker experiences of economic recovery, and longer times of economic expansion,” he said.

Dr. Clarke noted that another key priority area for recovery is to ensure that adequate provisions are made to finance the procurement, storage, distribution and application of the COVID-19 vaccines required to reach herd immunity.

“[In addition] we need to be able to finance an infrastructure programme that can boost economic activity… we need to be able to provide support to small businesses… [and] we have to preserve macroeconomic stability in our economy,” he said.

Yet another major priority, Dr. Clarke pointed out, is the need to continue to finance the provision of the public goods and services on which the society and economy depend.

In the meantime, Dr. Clarke said it is important that economic recovery begin in the upcoming fiscal year, starting in the April to June quarter.

He stressed, however, that this “depends critically on the evolution of the virus and on the public’s compliance with the measures and whether any new measures are required to combat the virus”.

“Our Budget, within the severe limitations placed by the pandemic, and in the context of the uncertainties and risks that we face, tries to align the objective of a quick and stable economic recovery with these realities,” he said.