07 October 2020
Deputy Susie Pinel, Minister for Treasury and Resources, has signed a Ministerial Decision lodging a proposition to establish the Fiscal Stimulus Fund.
The fund forms part of a whole series of support measures approved by the Council of Ministers in July, when £150 million of measures were identified to boost the economy in the aftermath of the Covid-19 pandemic. If agreed by the States Assembly, the Fiscal Stimulus Fund will receive £50 million of funding.
Government departments, arms-length organisations and other not for profit organisations will be able to apply. Applications will need to demonstrate first and foremost how they will support local employment and local companies. Monies received could help small scale capital projects and measures to support skills and training.
Deputy Pinel said: “Historically, a number of important projects, including for the arts, have benefited after applying for stimulus package funding. This fund comes at a crucial time in Island history as we seek to support people through the pandemic and deliver an effective stimulus to the Island economy.”
Senator Lyndon Farnham, Minister for Economic Development said: “The £50 million Fiscal Stimulus Fund will bring forward projects that can generate business activity and support local employment. These will be short-term capital projects or skills/development related schemes starting before the end of 2020 and completing in a short timescale to bring immediate economic benefit and wellbeing.”
The proposition will be debated in the Assembly on 17 November 2020.