Council Passes Decisions to Help Implement Economic Stimulus, Refers Bills to House

Addis ababa, April 28/2020( ENA)The Council of Ministers has deliberated on wide-ranging economic issues and passed decisions that help to implement the economic stimulus intended to alleviate threats posed by the COVID-19 pandemic, and referred draft bills for approval to the House of People's Representatives. 

The Office of the Prime Minister stated that the Council of Ministers in its extraordinary meeting has observed that the majority of the society would be negatively affected due to the economic hardship the country has been facing as a result of COVID-19.

Consequently, the government has been extending multifaceted social and economic support; and the economic stimulus is part and parcel of the various forms of assistance, it noted.

After discussing the assistance that needs to be extended to implement the decision of not laying off workers, the Council of Ministers has passed the proposal submitted by Ministry of Finance by making certain adjustments.

To encourage citizens that make financial contribution to alleviate the damage caused by the virus, the council also decided a deduction of not more than 20 percent of the amount they donate from their tax at the end of this Ethiopian fiscal year.

Besides, extension of one month on the time of the declaration of VAT and TOT, postponement of  bankruptcy  while active on duty, extension of three-month pension contribution to organizations that find it difficult to raise the fund due to slowdown can again make payments at the beginning of the coming Ethiopian fiscal year, the council resolved.

Meanwhile, the Council of Ministers has approved various loan agreements and referred all to the House of People’s Representatives for endorsement.