COVID-19 projected to cost Jamaica $120 billion

Finance Minister Dr. Nigel Clarke (pictured) has reported that the COVID-19 pandemic is expected to cost Jamaica $120 billion, radiojamaicanewsonline reports.
He revealed the number Wednesday afternoon in the House of Representatives as he presented a revised budget to accommodate the COVID-19 costs.
Dr. Clarke explained that the price tag for the epidemic is comprised of lost revenues to the government and increased costs.
He said it is projected that the country will lose $81 billion in tax revenues or 12.3 per cent less than the approved estimates as a result of reduced economic activity – this as preliminary estimates show that revenues for last month were already 18 per cent less than projected.
In addition, the COVID-19 pandemic would cost Jamaica new expenditure of $34 billion, including increased debt-servicing costs of $7.9 billion, as well as affect “other inflows” to the tune of $5 billion.