#Thread The severe disruption caused by Covid 19 globally has escalated daily over the past week, and resulted in increasingly stringent measures to safeguard populations around the world including the Jamaican population. 
The Covid crisis will certainly have adverse economic implications for the world and for Jamaica.
The good news, however, is the the Government of Jamaica is providing a $25 billion stimulus, the largest stimulus in Jamaica’s history that could not come at a better time.
The good news, however, is the the Government of Jamaica is providing a $25 billion stimulus, the largest stimulus in Jamaica’s history that could not come at a better time.
Pumping $25 billion into the economy at a time of uncertainty like this helps to support economic activity in Jamaica.
The reduction in GCT by 1.5% from 16.5% to 15% puts $14 billion back into the hands of consumers and supports consumption.
The reduction in GCT by 1.5% from 16.5% to 15% puts $14 billion back into the hands of consumers and supports consumption.
The $1 billion MSME tax credit provides critical cash-flow support to MSMEs and dramatic reduction in regulatory fees supports coconut, cocoa, coffee and spice farmers produce more.
Jamaicans are coming together to support each other at time time. This is good.
Jamaicans are coming together to support each other at time time. This is good.
The Banking Sector has volunteered to forgo the reduction of the asset tax for one year which adds $3 billion to the $7 billion Covid Contingency bringing out total Covid Fiscal Contingency to $10 billion.
The asset tax is a tax on consumers and not good for monetary transmission. However given the unprecedented escalating economic impact of measures required to safeguard health we need to accelerate the intervention through the fiscal channel which will have more immediate effect.
The Government is implementing and will be implementing the following measures:
1/ We have waived the Special Consumption Tax approximately 100,000 liters of alcohol for use in making sanitizers that will be donated to the National Health Fund and the Ministry of Health.
1/ We have waived the Special Consumption Tax approximately 100,000 liters of alcohol for use in making sanitizers that will be donated to the National Health Fund and the Ministry of Health.
This will ensure that sanitizers remain available in Jamaica. @themohwgovjm
2/ We will also waive Customs Duty on the importation of masks, gloves, hand sanitizers and liquid hand soap for a 90 day period.
3/ We will introduce the Covid Allocation of Resources for Employees (CARE) programme which has four elements.
a/ Business Employee and Transfer of Cash (BEST Cash) which will provide temporary cash transfer to businesses in targeted sectors based on the number of workers they keep employed.
c/ Special soft loan to assist and individuals and businesses that have been hard hit by the emergence of the Covid crisis.
d/ supporting the poor and vulnerable with special Covid related grants.
We are finalizing details of implementation, accountability mechanisms for these programmes which will be implemented transparently with broad stakeholder involvement.
An adverse economic impact from Covid 19 is unavoidable. However the Govenrment will implement a range of economic policy tools to help cushion against the future effects. Working together, supporting each other, Jamaica will overcome those.
These unprecedented fiscal measures will gives us the best opportunity for our eventual economic recovery.
b/ Supporting Employees with Transfer to Cash (SET Cash) which will provide temporary cash programme that will provide temporary cash transfer to persons where it can be verified that they lost jobs (a) since the first Covid case inJa. on March 10 & (b) due to the Covid crisis.
