Prime Minister Dr Keith Rowley announces a number of initiative to deal with the Covid-19 threat in Trinidad and Tobago.
At a post-Cabinet news conference at the Diplomatic Centre in St Ann’s on Wednesday, Rowley announced the measures along with other ministers – Finance Minister Colm Imbert, Health Minister Terrence Deyalsingh and Social Development Minister Camille Robinson-Regis.
Some of these measures include:
- A reduction in the Reserve requirement from 17% to 14%.
- A request for the prime lending rate to be 6% rather 8%.
- A reduction in the spread between deposit and lending rates.
- Banks are asked to defer mortgage rates for one month called a “skip payment.”
- Credit cards interest rates to reduced to 14% – a reduction of ten points.
- Asking credit unions to reduce interest rates from 12% to 6%.
- Talking to Unicomer and Island Finance to reduce their rates.
- Housing Development Corporation and TT Mortgage Finance will provide a moratorium for people who can’t pay mortgage.
- NEDCO will receive funding to assist their clients for their projects.
- Chamber of Commerce and TTMA asked business people to keep persons in jobs.
- Businesses will get monies owed to them by the Government.
- The liquidity support programme consisting of loans to small business persons to assist them. Pay off within 12 months after the pandemic.
- The EXIM Bank foreign exchange facility is to be increased.
- Foreign Exchange for critical items.
- Hoteliers in Tobago will be facilitated with upgrading works during this slow time.
