‘Time now’ for Catastrophe Fund

A Government Senator has welcomed the redirecting of the $51 million Catastrophe Fund to help businesses to retain employment levels.

Senator Dr Crystal Haynes made the comment during debate on the Catastrophe Fund Bill 2020 passed in the Senate yesterday.

She said COVID-19 resulted in the greatest economic fallout since the 1930s and there was a situation where more than 43 000 unemployment claims had been submitted to the National Insurance Scheme (NIS) and a shortfall of $450 million was projected in Government revenue for the year.

“We have seen schools being forced to close, we have seen entire sectors like tourism being shut down, airports and borders being closed. The impact cannot be understated but we need to be nimble, adaptable and responsive in times like this,” said Haynes.

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