23 March 2020 – Cabinet approves new 2020 budget and amendments to Central Bank and Financial Institution legislation

Type of Intervention: Executive Order, Regulation, Stimulus, Temporary Change
Sectors Involved: Finance/Economy
Intervention Categories: Legal and policy; Regulatory change; Finance policy and financial aid; Stimulus packages and financial support
Level of Jurisdiction: National
Lead People/Agency: President’s Office

Overview: President Danny Faure chaired an extra-ordinary meeting of the Cabinet on Saturday 21st March, at which a number of legal memoranda were considered.
. Cabinet approved proposals for a new 2020 budget in line with the new measures to respond to the COVID 19 pandemic.
. Cabinet also approved amendments to the Central Bank Act 2004 and the Financial Institutions Act 2004 to address the adverse effects of the COVID 19 pandemic on the economy and financial system.
. Cabinet approved a framework to guide private and public sector employers in implementation of the social distancing measures during the COVID 19 pandemic.

Full details here: http://www.statehouse.gov.sc/cabinet-decisions/4780/cabinet-business-23-march-2020

Type of Justification: Advice of INTERNAL government advisory committee or group
Source of Evidence or Justification: National – government
Evidence/Justification: President Danny Faure chaired a special meeting of the Economic Forum at State House this morning. This particular meeting constituted of discussions with various ministries and agencies regarding the current outbreak of COVID-19, a new strain of Coronavirus, first reported in Wuhan, China, on 31 December 2019.
The purpose of the meeting was to gather a thorough update as to what is happening locally and internationally in terms of the ongoing threats of COVID-19, particularly its impact on the local economy and the way forward.