The government has outlined an economic plan to help us through the economic ravages of the coronavirus.

It was revealed at a post-cabinet news briefing on Wednesday.

• The Central Bank will reduce the Repo Rate from 5 per cent to 3.5 per cent.
• Consequently, the Prime Lending rate of commercial banks will go down by 30 per cent. from 9 per cent to 6 percent.
•  Central Bank is in talks with the commercial banks will reduce the spread between the deposit rate and lending rate.
•   Commercial banks have agreed to provide a moratorium on loans.
•   Commercial banks will offer customers to defer payments on loans and mortgages for one month in the first instance.
•   All penalties on the non-payment of instalment will be waived.
•   Banks will reduce interest rates by ten percentage points on Credit Cards.
•   Credit Unions will be asked to reduce interest rates on their loans to six per cent or less.
•   The Trinidad and Tobago Mortgage Finance and the Housing Development Corporation will create a moratorium for customers who will be affected.
• Provide NEDCO with finding to assist its clients to get soft loans for their projects.
•   For the Trinidad and Tobago Manufacturers Association: The government owes them VAT refunds, Income Tax refunds and overdue payables.  The government will accelerate the payments of arrears and outstanding payables to the business community.
• There will be  liquidity support programmes  for Credit Unions
• The Ministry of Social Development will increase the amount on Food Cards will be topped up TT$150  for households up to three persons, an additional TT$300 for households up to 4-5 persons and TT$450 for 6 or more persons.
• Persons on the school feeding program will be brought into the food card system.
• Rental assistance will establish for a period of three months- for no more than six months where a wage earner was terminated or retrenched or salary reduced.