Former Central Bank Governor and Senior Economic Advisor to the Prime Minister Ajith Nivard Cabraal said four new strategies have been presented to rebuild the economy within a year, which has faced a setback due to the prevailing Covid-19 pandemic in the country.
The major tasks under these plans include:
- to obtain one to two years grace period to repay the loans (including interest) obtained from the World Bank and the International Monetary Fund (IMF),
- rebuild the production economy,
- save capital savings and
- strengthen the enterprises through a substantial infusion of Equity Capital via a proposed "Covid-19 Equity Capital Fund".
Cabraal said the concession on loan repayment would prevent the outflow of US$ two billion so that the country can be strengthened without delay.
The Senior Economic Advisor said steps should also be taken to prevent the outflow of money to foreign countries and allocate Rs.200 billion to the industrial sector and another Rs.200 billion for the people suffering from acute poverty which would eventually help uplift these sectors.