COVID-19, gov’t reveals 300 million euro financial assistance plan

Tirana Times
By Tirana Times March 19, 2020 20:47

COVID-19, gov’t reveals 300 million euro financial assistance plan

TIRANA, March 19 - Prime Minister Rama revealed on Thursday evening the anticipated seven-point financial assistance plan worth 300 million euros, which is set to provide economic relief for businesses and employees affected by the COVID-19 measures. Based on the plan, big businesses are to receive 80 million euros while another 53 million euros will be allocated to small businesses, the unemployed and the needy.

During his speech, Rama pointed out that the government has a plan A, a plan B and a plan C  but hoped that they would not resort to plan D.

The full seven points are as follows:

  • 20 million euros will go to the Ministry of Health for necessary equipment and medical staff support in the front line
  •  80 million euros will go to big businesses which are unable to provide salaries for their employees as a Sovereign Guarantee
  •  53 million euros will go to small businesses, the needy and the unemployed
  •  16 million euros will go to the Ministry of Defense for humanitarian operations
  •  8 million euros will go to to the government reserve funds for any emergency
  •  All late energy bill payment fees will be waived for businesses and customers (120 million euros from state budget) 
  • The rescheduling of the income tax deadline to the second half of 2020 for businesses with a turnover between 2-14 million lek

The Prime Minister also pointed out that there will be no salary cuts, except for the Council of Ministers and Deputies who will receive half of their salaries.

“The government collects and manages everyone’s taxes. In war, income declines for both the people and the state, because the state depends on taxes. State revenues will plummet, but we do not know to what extent,” he added. 

The Democratic Party welcomed the plan, but added that details about how the funds will be allocated and overall transparency are necessary.

"The DP considers the plan of socio-economic measures as indispensable for coping with the crisis caused by the coronavirus pandemic. The Government's proposal needs transparency and more details. The measures are welcomed by the DP as an important but insufficient step," the DP stated.

Tirana Times
By Tirana Times March 19, 2020 20:47