ADDIS ABABA – The private sector and financial institutions are expected to play a huge role in downsizing the economic impact of COVID-19 economists told a local media outlet.
Reports show that various sectors of the economy, including the import-export, tourism and transport sectors, have deeply felt the effects of COVID-19.
Dr. Kassa Teshager said businesses that take part in the production of basic consumer goods should take maximum care to avoid COVID-19 spread while they continue to supply to the society.
Apart from this, small and medium scale enterprises need to come up with new innovative ideas.
Dr. Kassa also said for instance restaurants might be forced to lose their customers and reduce their employees. Instead, they need to come up with new ideas in delivering door-to-door services.
At this critical time, investors need to discharge their responsibility by discharging their social responsibility. They have to help the destitute.
He also said it is a good thing that the government has allocated five billion Birr to withstand the effects of COVID-19.
Dr. Tesgaye Gebrekidan also said the financial institutions operating in the country should also play their part to minimize its impact on the economy. Particularly, Banks have to make withdrawal money available.
The experts also urged the society to avoid panic shopping of food items in this difficult time. Because they say this would create an artificial increase in demand to significantly impact sections of the society with low capacity. This would further complicate the situation.
The Ethiopian Herald April 2/2020BY GIMACHEW GASHAW
