: The first step has finally been taken to enable the government to borrow more money to address the Covid-19 crisis.
Under the Temporary Measures for Government Financing {Coronavirus Disease 2019 } Bill 2020 the ratio of the country’s accumulated debt against its gross domestic product is raised from 55% to 60%. The higher debt ceiling will be in place only from the day the Bill is passed and gazetted until Dec 31, 2022.
The Bill will also see to the official establishment and application of the Covid-19 Fund, where money channelled to the fund will be used to support the economic stimulus packages and recovery plans announced by the government, as well as other related finances.
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