Written answers

Thursday, 26 November 2020

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael)
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214. To ask the Minister for Finance if specific economic interventions might be needed in the economy if and when Covid-19 is brought under control; and if he will make a statement on the matter. [39463/20]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy will be aware, the Government has acted decisively and on an unprecedented scale to support the economy through the effects of Covid-19 and stands ready to support the recovery as we emerge from this period. To date, the Government has provided support of almost €40 billion to households, our health sector and businesses.

In Budget 2021, I announced the establishment of a Recovery Fund of €3.4 billion to provide resources to Government next year to reinforce our economic recovery, stimulate demand and support employment. The Recovery Fund will be focussed on three key areas: infrastructure, reskilling and retraining, and supporting investment and jobs.

The Fund was designed to be flexible and is a deliberate effort by Government to allow, within the budgetary framework, for the unprecedented level of economic uncertainty that currently prevails. The uncertainty relates to both the trajectory of the virus and to the form that the post-transition trade with the UK takes.

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