Bank: Focus on resilient economy

THE World Bank says it is also important at this stage for authorities in the country to focus on a more resilient economy over the medium term.
Senior economist Ilys Sarsenov said this when commending actions by the authorities to manage the Covid-19 as it was protecting lives and health of the population.
“As we understand, the current lockdown of Port Moresby is not as strict as the previous one,” he said.
“It is rather an adjustment to a ‘new normal’ due to the recent surge in the Covid-19 cases.
“The enhanced sanitary and hygiene measures are necessary to avoid the wider spread of the virus within communities.
“The World Bank welcomes actions by PNG authorities to manage the Covid-19 shock by protecting the lives and health of the population and supporting the livelihoods of vulnerable households and businesses affected by the crisis.
“While the focus of authorities is currently on crisis mitigation, it is also important to look beyond the current year to a more robust and resilient recovery over the medium term.”