Gov't develops P20bn economic recovery plan

Led by the finance ministry with input from other ministries, parastatals and agencies, the draft plan indicates that another P20 billion will be required to fund projected budget deficits between now and fiscal year 2022/23.

For several months, different ministers had been hinting that a comprehensive economic plan was being worked on at the highest levels of government, which would not only lift the economy but chart a new course for the period after the pandemic. According to a draft seen by BusinessWeek this week, the finance ministry is proposing that the funding for the plan, known as ERTP, come primarily from local borrowing and “domestic resource mobilisation”.