ICC Suggests Package on Reducing Negative Impacts of COVID-19
IRANN NEWS ECONOMIC DESK
TEHRAN – Iran Chamber of Commerce (ICC) said it has presented its suggested package to the heads of three branches of the power on how to reduce the negative impacts of the outbreak of the Coronavirus, known as COVID-19.
Head of ICC Mr. Bahman Abdollahi said that the chamber has prepared a suggested package on reducing the negative impacts of the COVID-19 on the economy of the cooperatives sector in six field of insurance and social welfare, taxation, banking sector, field of support of production, field of services and e-commerce and field of smart systems field, and field of management of imports and exports especially regarding basic items and the suggested package has been sent to the offices of the President, Majlis Speaker and Judiciary Chief.
He also pointed to the shocks resulted by the Coronavirus crisis, adding that the shock resulted from the virus will lead to shocks in supply and demands, too. He noted that the production has reduced and at the same time provision of raw material has faced problems.
Abdollahi noted that the shock in supply will lead to the shock in demand, adding that closure of businesses will lead to cutting labor force and drop in earnings of households and consequently decline in demand.
He said lack of confidence over the future makes the household to save its money and to postpone purchased of unnecessary goods and this will increase the fall in demand. Hence, it is expected the economic recession resulted by the sanctions and forex shocks to be intensified and it is necessary the government to support both households and businesses, he added.
Abdollahi further said that since the government is facing financial problems because of drop in its revenues and rise in health costs because of the outbreak of the virus, it is important that it takes its supportive policies in a way that they boost demands in the country in order to prevent unemployment and decrease in the earnings of the households.
He then detailed the proposed package of the ICC and its recommendations for six fields.
