![tribune tribune](https://i.tribune.com.pk/media/images/2251759-editorialxfinalfix-15932815781594457933-0/2251759-editorialxfinalfix-15932815781594457933-0.jpg)
In their response to the crisis though, the ministries responsible for economic management in the country were literally slumbering till the corona-infected cases tripled in a single day on Monday, in what does indicate an exponential growth. Consequently came a meeting between the PM and his economic team. The meeting, however, only turned out to be an occasion for stocktaking and making customary announcements. While the meeting was expected to announce a short-term policy relief for businesses and people, especially those belonging to the middle and lower-middle classes, it only culminated in the formation of an inter-ministerial committee, headed by Finance Adviser Hafeez Shaikh, tasked with keeping a constant vigil on the economy and advising steps to ward off the economic impact of the pandemic.
The de facto finance minister must focus on setting up a separate fund over coronavirus. He must not look towards absorbing the whole windfall from cut in global petrol prices into the budget, and go for as much fiscal injection as possible — especially now when the SBP has made only a symbolic cut, of 75 basis points, in its policy rate, and announced refinancing facilities for setting up new businesses and purchase of equipment to fight the virus. There is a dire need to ensure food security for people and supply of resources to medics to fight the outbreak, and minimise the impact on livelihood and businesses.
Published in The Express Tribune, March 18th, 2020.
Like Opinion & Editorial on Facebook, follow @ETOpEd on Twitter to receive all updates on all our daily pieces.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ