The country’s economic recovery after the pandemic will be driven by a strong fiscal position and a healthy financial system.
The current government highly regards the preservation of long-term financial viability, which have benefited the country as shown by the series of positive ratings action even during the pandemic and, in turn, allowed it to tap borrowings at lower cost and favorable terms, Finance Secretary Carlos Dominguez III said
“Through the darkest times of the pandemic last year, we were never under the illusion that this challenge will be short. We are prepared to fight a long battle, exercising prudence over the use of our fiscal resources,” he said.
“The worst we could do is to run out of water before the fire is out,” he added.
Citing as an example the need to provide coronavirus disease (Covid-19) vaccines even if it takes years just to eliminate the virus and its risks, Dominguez said the government will need to have enough resources to do this.
“A sustainable fiscal position and a strong financial system are the platforms on which we launch our economic recovery,” he said.