Paschal Donohoe: We are tracking the economic impact of virus in real time
Minister for Finance Paschal Donohoe has said that the economy is being tracked in real time to determine if any measures are necessary to help businesses and the economy cope with the impact of the coronavirus.
Decisions being taken in other countries are also being monitored he told RTÉs .
“Every day does make a difference. We need to ensure that we can sustain measures taken.”
Funds have been made available so that “decisions can be made up front” if and when they are needed, he added.
Mr Donohoe said he had the “utmost” trust in the work being done by the HSE and in the expertise of Tony Holohan and his team.
Decisions might have to be made that will require funds and it was important that they be available. The Minister said he had complete trust in the decisions of the public health experts.
“Clarity and honesty is important” in acknowledging the scale of the challenge facing the country, he said.
We have to do all we can to prepare. At this stage we need to do all we can to minimise spread of the virus.
“Everyone has to be responsible for our private health.”
The government will do what it needs to do to mobilise. The scale of what we need to do is unprecedented, he added.
Mr Donohoe defended the decision not to means test sick pay measures for those who will have to work from home if they self-isolate.
The decision was made in the interest of public health, but he acknowledged that there would be some who could afford to pay themselves. It was important to get the balance right, he said.
The Minister also said that he was in touch with other European finance ministers while the Minister for Health Simon Harris was collaborating with his counterparts on the issue.
When asked if the Vat rate for the hospitality sector could be reduced again in a bid to help the sector if it is impacted by the virus, Mr Donohoe said he will be engaging with the sector and was well aware of the challenges and what could happen in the coming weeks.
