According to Ajith Nivard Cabraal, State Minister of Finance, Capital and Public Enterprise Reforms, the country’s economy has experienced a loss of over Rs. 60 billion as a result of the island-wide travel restrictions imposed in the last four days.
The regular loss to the country’s Gross Domestic Product (GDP) due to travel restrictions, according to the State Minister, is over Rs. 15 billion.
If the country is closed for ten days, the loss to GDP is estimated at Rs.150 billion, and it is one percent of the GDP, he said.
The value of GDP is Rs. 1.5 trillion and accordingly, the daily value is over Rs. 41 billion, the State Minister said. However, since certain sectors of the country, including insurance, were active at the time despite the travel restrictions, the daily loss can be estimated to be Rs. 15 billion.
The Minister of State said that the decline in the income of small businesses during this period would deprive them of the ability to repay their loans, which was also a major problem for the country’s economy.
Mr. Cabraal also said that the government had to pay the salaries of a large number of workers during this period and that the loss caused by the disruption of the country’s manufacturing process was enormous.
He said especially, the inability to supply garment products on time had had a major impact on the economy in recent days and that a large number of people who had been earning a daily living had lost their livelihoods during this period.
The State Minister of Finance said that as a country with a small economy, it is very important to move towards a Covid management program without closing the country and at this time it is the people’s mouth, not the country that should be shut.
State Minister Ajith Cabraal said the Covid could be controlled by giving masks to the people and that it would cost only a billion rupees.