Posted: Wednesday, May 20, 2020. 9:08 am CST.
By BBN Staff: Former UDP Leader-elect, John Saldivar weighed in last night about the economic instability that the country will face post-COVID-19.
Saldivar said that the multilateral institutions that provide development financing and standby programs to developing countries will now have to rewrite the book on the limits to sovereign debt.
“When a country falls into financial problems in an isolated case, often a result of corruption, the prescription from the multinationals is often punitive to the people. However, when the crisis is global and across economies and the result of a pandemic such as Covid-19, there has to be an approach different from the usual painful prescriptions that bring hardship on our people,” Saldivar noted.
He also said that there has to be a new normal in everything including how the international financial community will treat the inevitable debt crisis that will emerge for developing countries as a result of Covid-19.
In another post this morning, Saldivar asserted that with renewed interest in and focus on agriculture and land, this may be the time to look at land tax regime to encourage and reward cultivation and production and discourage speculation.
“Land sitting idle does not contribute to development. Let’s get growing,” Saldivar added.
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