Measures taken by the Ministry of Finance due to COVID-19 pandemic

Introduction

• The health crisis is surrounded by an extreme uncertainty and the final outcome will depend on its depth and duration. It is expected to affect the whole spectrum of the economy and the measures needed to contain the spread of the pandemic result in a big demand shock on top of an inevitable supply chain disruption.
• The Government has taken necessary actions to safeguard the national health system and mitigate the economic effects of the crisis by protecting businesses, jobs and incomes through a package of fiscal measures.
• While some of the measures aim to sustain jobs by partial subsidization of salaries and payment moratoria on performing loans, enterprises face other ongoing expenditure such as rents, storage costs, insurance premiums and utility bills affecting negatively their liquidity and working capital.