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The government has announced that it will implement a Post Covid-19 Economic Recovery Strategy (ERS) to mitigate the adverse impact of the coronavirus pandemic on the economy and further reposition the economy on a steady and sustainable growth trajectory.
Treasury Cabinet Secretary Ukur Yatani said ERS would build on the gains made by the Economic Stimulus Programme introduced last year, whose objective has been to return the economy to the pre-Covid-19 growth trajectory.
Yatani said the successful operationalization of the follow-up strategy is predicated on faster implementation of policy, legal and institutional reforms necessary for effective implementation of the Strategy.
He added that the Government would ensure that all the proposed policies and legislation are implemented within the specified timelines.
Therefore, the Parliamentary Calendar will be amended to accommodate the passing of key legislations required to facilitate the implementation of the Post-Covid-19 Economic Recovery Strategy.
Other policy measures the government is intending to take to support recovery include fostering a secure and conducive business environment by maintaining macroeconomic stability, enhancing security; improving business regulations; fast-tracking development of critical infrastructure to reduce the cost of doing business as well as promote competitiveness and transforming economic sectors for broad-based sustainable economic growth.
It also hopes to improve access to education, strengthen health care systems and enhance cash transfers to support the vulnerable members of our society; support youth, women, and persons with disability to enable them actively contribute to the economic recovery agenda and facilitate the County Governments in strengthening their systems to enhance service delivery and implement various structural reforms to enhance the efficiency of public service delivery.
The government has, however, warned of potential risks. These include a surge of the Covid-19 virus (including new variants), required lockdowns and voluntary social distancing, and its effect on consumption.
The possibility of the virus resurging is also a risk, which could see economic activity getting lower than expected, with renewed social distancing and tighter lockdowns.