The Central Bank following the March Monetary Policy Review has recommended the Government to diligently consider eight-point comprehensive policy measures, to ensure a coordinated approach is adopted to overcome challenging economic circumstances.

These include;

1. Introducing measures to discourage non-essential and non-urgent imports urgently based on the previous recommendation made by the Central Bank

2. Increasing fuel prices and electricity tariffs immediately, to reflect the cost

3. Incentivising foreign remittances and investments further

4. Implementing energy conservation measures, whilst accelerating the move towards renewable energy

5. Increasing Government revenue through suitable tax increases on a sustained basis

6. Mobilising foreign financing and non-debt forex inflows on an urgent basis

7. Monetising the non-strategic and underutilised assets

8. Postponing non-essential and non-urgent capital projects

“The Central Bank is hopeful that the Government and the public will extend their support to implement the ‘comprehensive 8-point policy package’,” Central Bank Governor Nivard Cabraal told journalists at the post-Monetary Policy Review media briefing yesterday.

Although certain changes that have been recommended by the Central Bank might be seen as tough measures to be implemented, he said the measures would be beneficial to the ‘health of the economy’ in the long term.

“In the context of recovery, we may need to also look at it as an integral part of the overall strategies which needs to be implemented,” Nivard said.

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